Construction firm announces win of tender for new terminal at King Khaled International Airport
Turkish construction firm TAV Insaat said on Tuesday that it had won a tender worth $400m to build a new terminal in Saudi Arabia's Riyadh King Khaled International Airport.
The tender was awarded to the TAV-Al Arrab Contracting (Al Rajhi Holding) joint venture.
Construction is planned to be completed in 18 months, according to a statement by parent Akfen Holding to Bourse Istanbul.
In November, said it was the lowest bidder for the design and construction tender of Terminal 5 the airport.
Last month, it was reported that King Khaled International Airport will be expanded to more than double passenger numbers by 2015.
The General Authority for Civil Aviation (GACA) announced it would boost the capital’s airport to accommodate 35.5 million passengers annually by the end of 2015.
Almost 15 million passengers passed through the airport in 2011, according to GACA data.
The expansion will make it the largest airport in the Gulf kingdom, overtaking King Abdulaziz International Airport in Jeddah, which saw more than 22 million passengers in 2011.
* With Reuters