Turkey's TAV inks deal to operate 3 Saudi airports

Turkish airport operator TAV has signed a deal with Saudi Arabia's civil aviation authority to operate three airports in the Gulf country in partnership with the Al Rajhi Group, the Turkish operator has announced.

TAV will operate airports in Buraydah in central Qassim province, the northwestern city of Ha'il and the western port city of Yanbu for 30 years alongside the Al Rajhi Group, according to a statement released on June 9.

"The number of airports we operate and passengers we serve will reach 17 and 110 million [respectively] with the Yanbu, Qassim and Ha'il airports," TAV Chief Executive Officer Sani Sener said in the statement.

Sener said the company remains keen on utilizing different resources in different parts of the world, especially in developing countries.

The Yanbu, Qassim and Ha'il airports are expected to serve 11.5 million passengers with $400 million in investments in the construction of new terminals and service units, the statement said.        

The construction of new terminals, which TAV will start after taking over all the airports, will be completed by 2020, it added.

Earlier in the day, Turkey's Akfen said it had signed an agreement to sell its remaining 8.12 percent stake in TAV Airports to France's Aeroports de Paris (ADP) for $160 million.