Saudi Arabia to transfer airports to sovereign wealth fund before privatizationStaff 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.
Air traffic Changi will operate the airport for 20 years
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. ■