It was announced from Cairo on 26 July that IFC, a member of the World Bank Group, reported the inauguration of Saudi Arabia’s new award-winning Medina Airport that day. This was the result of a pioneering public-private partnership project under IFC’s supervision as Lead Advisor.
The $1.2 billion eco-friendly new airport was inaugurated by King Salman bin Abdulaziz Al Saud. IFC helped Saudi Arabia’s General Authority of Civil Aviation (GACA) structure the PPP, the first of its kind in a Gulf Cooperation Council country. The 25-year deal was awarded to a consortium comprising TAV Airports Holding of Turkey, Al Rajhi Holdings, and Saudi Oger in 2012.