SAUDI ARABIA. Tibah Airports, the TAV Airports-Al Rajhi joint venture that manages Madinah Prince Mohammed Bin Abdul Aziz International, has extended its concession to take into account the impact of COVID-19.
TAV-Al Rajhi JV took over operations at Madinah Airport in June 2012. The concession period, which runs through 2037, will be extended with this new agreement, struck following a force majeure application to Saudi civil aviation authority GACA.
The force majeure period is defined as falling between February 2020 and the end of the calendar year during which Madinah Airport reaches 8.1 million passengers (just under the 8.4 million figure achieved in 2019). The term will be added to the operating period. Rent payments from February 2020 onwards will also be deferred until traffic has recovered to pre-pandemic levels.
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