RSS   Newsletter   Contact   Advertise with us

Saudi Arabia to transfer airports to sovereign wealth fund before privatization

Staff Writer | August 23, 2017
Saudi Arabia,said it plans to transfer ownership of its airports to its sovereign wealth fund with the view to privatise them.
Saudi airport
Air traffic   Changi will operate the airport for 20 years
Mohamed bin Abdel Aziz El Shitwy, an assistant to the financial affairs head of the General Authority of Civil Aviation, said the move was intended to relieve the government of the responsibility of ex­panding airports and to help create jobs, state-run Saudi Arabian news agency SPA reported.

Under the plan, each airport will be transferred to a separate company ahead of being sold off, the report said. The country’s sovereign wealth fund is called the Public Investment Fund.

Saudi Arabia has already delegated more work for its airports to the private sector in recent years.

The current expansion of King Abdulaziz International Airport in the port city of Jeddah will be undertaken by Changi Airport of Singapore and will start operations in the second half of 2018. Changi will operate the airport for 20 years.


 

MORE INSIDE POST