Turkey's TAV Airports Holding is in talks with banks to secure loans worth $250 million to finance the development of three airports in Saudi Arabia, Reuters reported on Tuesday, citing the company’s president, Mustafa Sani Şener.
A consortium formed by Saudi Arabia's Al Rajhi Holding Group and the Turkish airport operator was picked by the General Authority of Civil Aviation (GACA) to develop the Yanbu, Qassim and Hail international airports under 30 year-concessions.
Meanwhile, TAV has also completed acquiring Saudi Oger's 16.7 percent stake in Tibah Airports Development Co., which operates Medina International Airport, Şener added.
Saudi Oger had a 33.3 percent stake in Tibah. TAV agreed to buy half of that stake while Al Rajhi Group bought the other half, Şener said.
The deal allows TAV to raise its holding to a 50 percent stake, it was reported.
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