Saudi Arabia has put on hold financing plans potentially worth billions of dollars for the expansion of Riyadh’s airport, reported Reuters,
citing sources, as the kingdom starts re-assessing strategic priorities after the Covid-19 crisis.
Riyadh Airports Company, which manages and operates the airport, had last year approached banks with a request for financing proposals on the planned airport expansion, which sources said would have been worth several billions of dollars.
“All these now have been put on hold, postponed. They are prioritising projects based on budgetary needs,” said the sources.
“In this environment I guess they have decided that it doesn’t necessarily make sense to borrow money to expand the airport right now,” they added.
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).