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FINANCIAL NEWS
Saudi Binladin Group inks USD2.26b syndicated loan for KAIA airport
27 Nov 2011
(MENAFN) Saudi Binladin Group (SBG) said that it inked a USD2.26 billion syndicated finance package from a group of regional and international banks in order to develop and expand King Abdul Aziz International Airport (KAIA), reported Gulf News.
The company added that the project, which cost would reach USD7.2 billion, was Saudi’s third largest air facility and busiest airport by passenger traffic.
It also said that construction work of the Jeddah-based airport, which spans over 15 square kilometers, started in 1974 and was finished in 1980, whereas it launched its services in May of 1981.
It is worth noting that according to IATA statistics, the Middle East is expected to see 400 million air travelers by 2020.
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