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 percent 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.
This project is the first part of the extensive program by GACA to develop and expand the airport´s facilities worth EUR4 billion.
Apart from refurbishing and expanding the existing Terminals 3 and 4, the contract also involves the demolition and reconstruction of the aprons inclusive of apron lighting and fueling facilities.
The contract further covers the construction of new terminal lounges and operation buildings, as well as the installation of baggage handling and security systems.
Marcelino Fernández Verdes, CEO of Hochtief, said: "We are delighted to have won this major contract. It reinforces our position as an important infrastructure construction group and shows that our international expertise and the know-how of our engineers in the area of complex, large-scale projects are greatly appreciated by our clients."
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