Nov 24 2011 |
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Binladin Group, GIB highlight Jeddah airport project role
MANAMA: The Gulf International Bank (GIB) organized a ceremony in Manama recently to commemorate the signing of SR8.5 billion contracting facilities for the Saudi Binladin Group ( SBG ) to finance the expansion and development of King Abdulaziz International Airport ( KAIA ) in Jeddah.SBG last year won the SR27.1 billion contract to develop KAIA from the General Authority of Civil Aviation , Ministry of Defense and Aviation and the Inspectorate General.
The bank was initially mandated to arrange a SR6 billion syndicated facility for SBG , which subsequently was raised to SR8.5 billion to accommodate additional financing requirements of SBG .
Alyahya said: "We are delighted to have coordinated the arranging of these financing facilities for one of the largest projects that has been awarded by the General Authority of Civil Aviation ( GACA ) in the Kingdom. Once completed, the airport will facilitate and ease traffic flow to the holy places in the Kingdom."
Speaking on behalf of SBG , Yahia Binladin said: " SBG is proud to have been selected by GACA to execute this prestigious project, and we compliment GIB and the banks for supporting SBG toward timely execution of this important contract."
© Arab News 2011
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