RIYADH: Kingdom of Saudi Arabia plans to transfer possession of all its airports to its main sovereign wealth fund, the general public Investment Fund, as a part of a drive to denationalize them, a senior aviation official same on Monday.
Companies are discovered for every airdrome underneath Saudi Civil Aviation Holding, a by-product from the final Authority of Civil Aviation (GACA), which is able to still regulate the business, state news organisation SPA quoted prophet al-Shetwey, aide to GACA’s president for money affairs, as saying.
“The method of creating corporations can continue for all airports, and therefore the civil aviation company within the future are one hundred pc in hand by the general public Investment Fund,” Shetwey same.
He accessorial that a corporation had already been established for Dammam’s main airdrome, whereas associate dilated King Abdulaziz International airdrome in Jed’dah would begin in operation within the last half of 2018 underneath the management of Singapore’s Changi airdrome cluster.
Shetwey didn’t say once or however the general public Investment Fund would sell stakes within the airdrome corporations underneath the privatization program.
However, sources told Reuters last month that Kingdom of Saudi Arabia had employed syndicalist Sachs to manage the sale of a stake in Riyadh’s King Khalid International airdrome, which might be the primary major privatization. the dimensions of the stake to be offered wasn’t discovered.
Shetwey same a project to renovate that airdrome, that handled twenty two.5 million passengers in 2016, would begin when next week’s hadj journey.
Source : Reuters