Saudi Arabia to expedite privatization plan for 29 airports

Saudi Arabia to expedite privatization plan for 29 airports

Saudi Arabia is relaunching the privatization of its airports in an effort to diversify the Kingdom’s oil-dominated economy and secure investment as it seeks to triple annual visitor numbers by 2030.

Ownership of the 29 airports has already been moved to a new entity, Matarat, in order to prepare them for the process, Abdulaziz al-Duailej, president of the General Authority of Civil Aviation, said in an interview Monday.

For the latest headlines, follow our Google News channel online or via the app.

An international investor roadshow could start in the next 12 to 18 months.

“I will not wait until 2030 to privatize the whole sector,” al-Duailej said on the sidelines of the Saudi Future of Aviation Forum in Riyadh, with the selloff to be completed long before then. He said it’s not yet clear how much the privatization program might raise.

Saudi Arabia has previously embarked on attempts to privatize its airports, hiring Goldman Sachs in 2017 to sell a stake in Riyadh’s King Khalid International hub, before putting a hold on the plan.

The Kingdom’s tourism push is part of a strategy announced by Crown Prince Mohammed bin Salman to reduce reliance on the world’s largest crude oil exports.

The plan would turn Riyadh into