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Saudi air authority signs Madinah airport expansion deal

Saudi Arabia's General Authority of Civil Aviation (GACA) has signed a build, transfer and operate agreement (BTOA) with a group of Saudi private investors for the new Prince Muhammad bin Abdulaziz International Airport in Madinah, Arab News has reported. The regulator also signed a direct credit agreement with local banks that are to finance the project. This is the first time GACA is handing over a Saudi airport to a private company for operation. The new airport will have a capacity to accommodate eight million passengers in the first phase, which will be ready in three years. The capacity will be increased by 12 million in the second phase, which will be completed in 2020.