Saudi GACA mulls IPO of King Fahd Airport

27/02/2017 Argaam

The Saudi General Authority for Civil Aviation (GACA) is planning to float part of Dammam-based King Fahd International Airport’s (KFIA) share capital in an initial public offering (IPO) going forward, GACA spokesman Abdullah Al Khorayef told Makkah newspaper on Monday.

 

KFIA will be operated by an affiliate of GACA, he added.

 

Earlier this week, the authority’s board of directors approved converting KFIA to a company. The airport will be converted to an operating company in Q3 2017, while Jeddah’s King Abdulaziz International Airport will converted in Q2.

 

GACA plans to privatize all airports in Saudi Arabia by 2020, with 27 airports scheduled for privatization by mid-2018.

 

The airport privatization drive will boost competition and ensure better prices and services for investors and beneficiaries, Al Khorayef said, adding that it will also encourage new companies to enter the market after fulfilling the GACA’s requirements. 

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