Riyadh: The General Authority of Civil Aviation of Saudi Arabia (GACA) has today announced that it would privatize King Khalid International Airport in the first quarter of this year.
The regulatory panel unveiled plans to privatise Jeddah and Dammam international airports in 2017.
King Abdulaziz International Airport in Jeddah, Saudi's busiest airport, will be privatised in the second quarter of 2016 as the kingdom seeks ways to support state finances following the sustained slump in oil prices.
Dammam's King Fahad International Airport will follow in the third quarter of the 2017, General Authority of Civil Aviation officials told reporters in Riyadh at a briefing.
The authority in November revealed its privatisation plans, which include privatising Riyadh's King Khaled International Airport in the first quarter of 2016.
Foreign companies will be allowed to invest in the Saudi Arabia airports without the need for local partners, the kingdom's aviation regulator said on Tuesday.
Local investments in some airports will be capped at 25 per cent to ensure foreign operators have a majority holding in operating contracts, Faisal al-Saqir, chairman of the General Autority of Civil Aviation (GACA) told reporters in Riyadh.
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