TAV Airports Holding and its consortium partners, the Saudi Arabia-based Al Rajhi Holding Group and Saudi Oger, on Sunday signed a contract with Saudi Arabia's General Authority of Civil Aviation (GACA) to increase the capacity of Prince Mohammad Bin Adbulaziz International Airport on the basis of the build-operate-transfer (BOT) model with a project that will cost around $ 1.5 billion. "I believe that increasing the capacity of the Medina airport for pilgrimage and Umrah flights from ?stanbul, Ankara and ?zmir as well as mutual communication and coordination will contribute to the Turkish and Saudi Arabian aviation industries," TAV Airports President and CEO M. Sani ?ener said during the signing ceremony Sunday. The project will be completed by the first half of 2015 and will increase the capacity at the Medina airport, which is currently 4 million passengers, to 8 million with the addition of a new terminal building. The TAV Airports Holding-Saudi Oger Ltd-Al Rajhi Holding consortium will have the operating rights for the airport for 25 years. TAV Airports, one of the world's leading airport operators, operates ?stanbul Atatürk Airport, Ankara Esenbo?a Airport, the ?zmir Adnan Menderes Airport International Terminal and Antalya Gazipa?a Airport in Turkey, as well as two airports each in Georgia, Tunisia and Macedonia. TAV Airports also works in other areas of airport operations, such as duty-free, food and beverage services, ground services, IT, security and management services. The company also operates duty free, food and beverage and other commercial areas at Riga International Airport in Latvia. TAV Airports, together with its subsidiaries, provides services for approximately 420,000 flights and 48 million passengers a year. Al Rajhi Holding Group Board of Directors Member Dr. Ibrahim Sulaiman Al Rajhi said: "Al Rajhi Holding Group is very pleased with the decision of GACA to award the first BTO airport Project in the region at Prince Mohammad Bin Abdulaziz International Airport to our Tibah Consortium. Al Rajhi Holding Group is honoured to join hands with GACA to develop such an important entrance station to the country and extend the services to Prophet Muhammad (PBUH) city visitors. Al Rajhi Holding Group is proud to join hands with an airport business leader such as TAV Holding and the local Saudi Oger Ltd; I am sure that the three partners with their different but integrated skills and specialties will add to the successes of the new airport and to the ambitious objective of GACA." Saudi Oger Limited Deputy General Manager Sheikh Ayman R. Hariri said: "We are very proud and honoured to be GACA's partner for Prince Mohammad Bin Abdulaziz Airport in Al Madina Al Munawara, the first PPP project for the aviation industry in the Gulf region and one of the most important airports in the Kingdom of Saudi Arabia since it is a major entry and exit hub for the pilgrims & visitors to the Prophet's Mosque. "With our partners, TAV Airports, Turkey's leading airport operator and the local Al Rajhi Holding Group, we are committed to develop, finance, build and operate Prince Mohammad Bin Abdulaziz Airport in Al Madina Al Munawara with the highest international standards and to provide the best level of services to all passengers for the coming 25 years. This project is very important to Saudi Oger because Al Madina Al Munawarah is the second most holy city for the Muslim World and the Site for the Holy Quran Compilation."
