Al Hokair to develop mega Saudi airport district

21/09/2016 05:45 AST

Fawaz Abdulaziz Al Hokair Company, a leading Saudi-based group with a focus on retail and real estate business sectors, has won a major contract to develop a commercial and entertainment district adjacent to King Abdulaziz International Airport in Jeddah, according to a report.

The development, King Abdulaziz International Airport City, will boast two hotels and commercial and administrative centres, said a Saudi Press Agency (SPA) report.

The land for the project has already been handed over to the developer, the report added. Saudi Arabia's General Authority for Civil Aviation (GACA) had earlier unveiled plans to privatise management and operations at eight of the kingdom's airports as part of government efforts to diversify its income amid the oil slump.


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In an effort of rebalancing its debt exposure especially the Short Term portion, Fawaz Abdulaziz Al Hokair & Co. signed a new Murabaha Agreement with Alrajhi Bank under the following terms:

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Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co. reported a 0.9 percent rise in first-quarter net profit on Wednesday as sales increased at its outlets in the Kingdom.

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