Airports International - Tara Craig
IFC was the original lead transaction advisor for the Public-Private Partnership (PPP) to develop and maintain Prince Mohammad Bin Abdulaziz International Airport in Madinah for Saudi Arabia’s General Authority of Civil Aviation (GACA). The initial 25-year deal – the first of its kind in a Gulf Cooperation Council country – was awarded to a consortium led by Al Rajhi Holdings Group in 2011.
Following a slump in passenger numbers from 8 million to 2 million a year because of the COVID-19 pandemic, the consortium was no longer able to meet its obligations. As a result, IFC's PPP advisory team was invited by GACA to advise on the structuring of the rebalancing agreement, which enables the authority to preserve the concession.