$1.45bn deal signed for Saudi airport upgrade
Germany's Hochtief has announced that it is leading a joint venture which has secured a $1.45 billion contract to upgrade and expand an airport in Saudi Arabia.
The joint venture with Shapoorij Pallonji Mideast and Nahdat Al Emaar, in which Hochtief has a 55% stake, will expand two terminals at King Khaled International Airport in Riyadh.
The company said in a statement that it has signed an agreement with the Saudi General Authority of Civil Aviation (GACA) to redesign, upgrade and expand two existing terminals, and demolish and refurbish other parts of the airport infrastructure.
The contract is worth about EUR1.3 billion ($1.45 billion). Construction has started already and completion is currently planned for May 2019.