Cairo, Egypt, July 26, 2015—IFC,
a member of the World Bank Group, celebrated the inauguration of Saudi
Arabia’s new award-winning Medina Airport today, which was developed in
a pioneering public-private partnership project under IFC’s supervision
as Lead Advisor.
The $1.2 billion eco-friendly new airport
was inaugurated by King Salman bin Abdulaziz Al Saud. IFC helped Saudi
Arabia’s General Authority of Civil Aviation (GACA) structure the PPP,
the first of its kind in a Gulf Cooperation Council country. The 25-year
deal was awarded to a consortium comprising TAV Airports Holding of Turkey,
Al Rajhi Holdings, and Saudi Oger in 2012.
Dr. Faisal Al-Sugair, Vice Chairman
and Vice President of GACA, said: “Medina Airport is a clear example of
the merits of introducing private sector involvement in the field of aviation.
The project has been delivered ahead of time and within budget, and has
already won a number of awards. I am delighted that we have enhanced our
ability to welcome an increased number of visitors to Medina at a higher
level of service.”
The new airport has been recognized
for its innovative eco-sustainable design, having been awarded a prestigious
Leadership in Energy and Environmental Design (LEED) Gold certificate by
the U.S. Green Building Council - the first for an airport in the Middle
East and North Africa region. It also won the 2015 Routes Marketing Award
for best airport in MENA in the 4-20 million passengers category.
“As the first PPP airport in the GCC
that was awarded through a transparent and competitive tender, we expect
this project to stimulate further interest from the private sector in this
sector and others,” said Mouayed Makhlouf, IFC Regional Director for MENA
region. “GACA should also be commended for leading the region in terms
of sustainability in this area.”
Under the project, the airport’s facilities
were replaced with a new larger modern terminal to accommodate an expected
sharp growth in religious passengers. It will serve an estimated 8 million
passengers annually in its first phase – double the previous capacity
– and 16 million passengers by 2034.
IFC is currently advising GACA on two
additional airport projects; an operation and management concession at
King Abdulaziz International Airport in Jeddah, and a greenfield development
for a new international airport in Taif, to further improve capacity and
service standards for the country.
The initiative is part
of IFC’s Public-Private Partnership program, which aims to provide people
across the Middle East and North Africa with access to clean water, steady
power supplies, safe roads, and other infrastructure essentials through
joint efforts between governments and the private sector.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in about 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and boost shared prosperity. In FY14, we provided more than $22
billion in financing to improve lives in developing countries and tackle
the most urgent challenges of development. For more information, visit