All Saudi airports will be privatized this year, the head of the General Authority for Civil Aviation (GACA), Abdul Hakim Al-Tamimi said. GACA’s privatization strategy aims to transfer all Saudi airports to companies wholly owned by the Saudi Civil Aviation Holding Co., then transfer ownership of the holding company to the Public Investment Fund (PIF).
The employees will be transferred to the investor’s responsibility, who bears the capital cost of the project and shares the income with the authority. The head of GACA said the privatization will be completed in stages and in the form of groups.
GACA will bear the capital cost of establishing the project and will share the income with investors. The aim “is to improve the level of services provided to passengers, and to convert the targeted sectors into a profitable center to cover costs and to be a source of income for the owner,” Al-Tamimi said.
Source Credit: Arab News
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