Saudi Arabia shelves plans to finance Riyadh airport expansion: sources

Riyadh City

Saudi Arabia put on hold financing plans potentially worth billions of dollars for the expansion of Riyadh’s airport, indicating that the Kingdom is re-assessing strategic priorities after the coronavirus crisis, Reuters reported, citing sources.

Riyadh Airports Co., which manages and operates King Khalid International Airport, approached banks last year with a request for financing proposals on the planned airport expansion.

The company has now halted the process, the report said, citing three banking sources.

“At this stage, it’s been cancelled. In this environment I guess they have decided that it doesn’t necessarily make sense to borrow money to expand the airport right now,” said the source on conditions of anonymity.