01 August 2012

NORTON ROSE has advised a consortium which is expanding Madinah Airport in Saudi Arabia under  a landmark $1.5-billion PPP (public private partnership) contract.

A Middle East and London team from the international legal practice advised the Tibah Consortium – which includes TAV Havalimanlari Holding, Saudi Oger and Al Rajhi Holdings – on the financing and construction of the project.

This is the first full PPP project in Saudi Arabia and one of the largest infrastructure projects in the Middle East in 2012.

Norton Rose Group advised on the project documents as well as all aspects of the Shariah-compliant project financing, equity bridge, working capital and stand-by facilities for the rehabilitation, expansion and operation of the airport. The new airport will have the capacity to accommodate eight million passengers in the first phase which will be ready by 2015 and the project will be spread over 4 million sq m.

The financing was arranged by The National Commercial Bank, The Saudi British Bank and Arab National Bank.  SMBC London was the financial adviser.

Construction and infrastructure partner Martin Preston said: “We are delighted to have assisted the consortium in this landmark project.  Our work demonstrates the project and Islamic finance capability in our Middle East offices and continues Norton Rose Group’s track record of working on some of the most complex and high-value project finance transactions in the Mena (Middle East and North Africa) region.”

• Lakesmere secures major airport deal
• Elaf invests $106m for four hotels in Saudi Arabia
• Interchange work remains on schedule
• $5.3m campus for Indian school
• Update
• Alfanar commissions Hail plant units
• $3.4bn elastomers plant deal awarded
• Norton Rose advises on airport project
• More hands drafted to build theatre
• Middle East projects win global accolades
• Cares secures Ukas approval
• Aecom in $28m job
• Jacobs to design petrochem plant
• Bahrain on a green course
• McLaren builds showroom
• India eyes $3.6bn Saudi steel venture
• Bahrain’s Taha wins Oman deal
• $63m park for Muharraq on way

Tags

Regional News UAE Focus Events Diary of Events Legally Bound Turkey Review Pipes Security & Safety Landscaping Fixings Cables & Telecommunications Cranes & Hoists Just Out Tenders

Gulf Construction is the undisputed leading trade journal for the building and construction industries of Saudi Arabia and the other Gulf states. The magazine provides editorial coverage on a wide range of topics which are of interest to industry professionals. In addition, regular features highlight technological developments within specific industry fields. Launched 40 years ago, the magazine has established an enviable reputation as an authoritative, respected journal with unmatched coverage of the Gulf region. Gulf Construction is essential reading for anyone with a serious interest in the region’s building and construction industry.