Momberger
Saudi Arabia has put on hold financing plans potentially worth billions of dollars for the expansion of Riyadh’s airport, a sign that the kingdom is re-assessing strategic priorities after the coronavirus crisis. Riyadh Airports Company, which manages and operates King Khalid International Airport in the Saudi capital, approached banks last year with a request for financing proposals on the planned airport expansion, which sources said would have been worth several billions of dollars. The expansion was part of the country’s aim to diversify the economy, create jobs and reduce dependence on oil revenues. The company has now halted the process, three banking sources said. Saudi Arabia suspended international flights in the aftermath of the coronavirus outbreak, which has brought global aviation to its knees. The kingdom had begun preparations in 2017 to sell a minority stake in Riyadh airport, the second biggest in the country. Those plans were also suspended. #1137.35
