TAV Airports Holding of Turkey signed a joint venture agreement on Monday with the Saudi Arabian-based Al Rajhi Holding Group to maintain and manage various airports in Saudi Arabia. Each party will have a 50 percent share in the new company. The agreement will give TAV Airports Holding the rights to provide maintenance and management services for several build-operate-transfer (BOT) airport projects in Saudi Arabia, including integrated airport management, operating and maintenance services. Under the accord, both parties will jointly agree to project bids. If the bids are won, they will contract with the airport operator, establish a company to render the services stipulated by the subject contract and set up a separate company for each of the winning project contracts. The company's capital will be determined based on the economic and legal requirements of the project. TAV Airports, which has international experience in operating various airports in Europe, the Caucasus and North Africa, including ?stanbul Atatürk Airport, has announced it will be working with Al Rajhi Holding to expand its service network in Saudi Arabia. Al Rajhi Holding executive board member Ibrahim Al Rajhi said: “By creating ventures with respected companies like TAV Airports, we hope to increase our already strong resources and capital. We know that TAV Airports, with its experience in running and maintaining build-operate-transfer projects for airports, is a world leader in airport management. We are working to transfer the experience and expertise of TAV Airports to our country as soon as possible.” Separately, KEFI Minerals, the AIM-quoted gold and copper exploration company with projects in Turkey and Saudi Arabia, announced on Wednesday that it has entered into a Letter of Intent with TSX listed Centerra Gold for a joint venture in the 100 percent-owned Bakir Tepe Project in southwestern Turkey. Under the terms, Centerra earns a 51 percent interest in Bakir Tepe project.
