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Turkey’s TAV Airports is currently in the documentation process to close around $400 million-$500 million in financing for its Saudi airport projects by the end of 2017, chief executive Sani Şener told Argaam.
TAV, along with its Saudi partner Al Rajhi Group, added three airports in the Kingdom to its portfolio this year: Yanbu, Qassim, and Hail.
The two companies reached an agreement with Saudi Arabia’s General Authority of Civil Aviation (GACA) in March to operate and develop Yanbu International Airport. The following month, it was awarded a 30-year concession by the authority to develop the Qasim and Hail airports as well.
“Currently, we are in the takeover process with the government. Construction works will start after completing the financial close in all three airports,” Şener said.
The consortium is still in the operational and construction preparation stage in the projects, he added, noting that no suppliers have been awarded yet.
Saudi Arabia has been privatizing airports as part of wider economic reforms, aimed at diversifying its oil-dependent economy and attracting foreign investment after crude prices collapsed in 2014.
In February this year, the Saudi government said it expects to privatize 27 Saudi airports by mid-2018.
The Kingdom plans to transfer ownership of its airports to the sovereign wealth fund, Public Investment Fund (PIF). Companies will be set up for each airport under Saudi Civil Aviation Holding, a spin-off from the GACA.
The holding company, which will be wholly owned by PIF, will look after the operational side of Saudi Arabia’s airports, while the authority will continue to regulate the industry.
In addition to diversifying the economy, privatizing the aviation sector will help boost efficiency, analysts told Argaam.
“The private sector is more likely to drive maximum capacity from the airport…as owners look to drive the return from enhancements and improvements and ensure any major CapEx in having to build a new airport are only at a time when absolutely needed,” said David Clifton, regional development director at construction consultancy Faithful+Gould.
The Kingdom is still of much interest to foreign investors, as indicated by its oversubscribed bond issuances, Clifton said.
“In the aviation sector, we’ve seen that at a project development level, there is enthusiasm for alternative financing (PPP or similar) with the developments in Madina airport, Taif, Qassim and Hail,” he added.
“To continue funding interest, there is a need to reform and drive efficiency, but the privatization program is a key link in doing so.”
However, others noted that while privatization might bring in investment and operational efficiencies, it may not have much of an impact in terms of enticing more visitors to the country.
“Apart from the Hajj, Saudi Arabia is not exactly the first choice for GCC or international travelers unless specifically being there on business. So it’s hard to know what, if any positive revenue drivers would exist as a result of privatizing airports,” said Saj Ahmad, chief analyst at London-based StrategicAero Research.
Write to Jerusha Sequeira at jerusha.s@argaamnews.com
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