Saudi-based construction firm Binladin Group has secured a construction contract of a new passenger terminal in Maldives International Airport.
The new building will sprawl over a total area of 78,000 square meters and will cost around 800 million dollars.
Despite that Madlives government refused to comment on the contract size, the project is estimated to cost around 800 million dollars. The government is seeking fund for the project from various international banks including China EXIM bank, Kuwait Fund, Abu Dhabi Fund, and Saudi Fund for Development.
The construction contract is considered the first for the Saudi construction titan in the Maldives and the first after lifting the ban imposed by Saudi government following the crane accident which took place last September.
It’s worth mentioning that Binladin secured a 2.5 billion riyal loan from local banks to improve its financial status.
The company has been witnessing a lot of financial hits due to many reasons including the government’s reduced spending, low oil prices, and the sanctions imposed on the firm.