Five bids are expected to be submitted for the development of the $1.5bn Medina airport public-private partnership (PPP) project in Saudi Arabia.

Although eight companies were prequalified for the project, only around five are expected to submit bids by the 5 June deadline.

Two bids are expected to be the stronger than the others. The first is the local Saudi Binladin Group, France’s Aeroports de Paris Management, France’s Bouygues Batiment International. The second is Turkey’s TAV Airports Holding, local Saudi Oger and Al-Rajhi Holding Group.

Both groups have managed to put together fully funded bids, with Oger having support from the local Sabb, National Commercial Bank (NCB), Arab National Bank (ANB), and Japan’s Sumitomo Mitsubishi Banking Corporation. Binladin has support from France’s Credit Agricole, its local affiliate Banque Saudi Fransi and NCB.

The local Bakri International Energy Corporation with Malaysia Airports Holdings Berhad has appointed Riyad Bank to act as financial adviser on its bid, but is not understood to have a fully funded proposal. Nor is a consortium led by the local El-Seif Engineering and Contracting Company, which is being advised by Dubai-based Emirates NBD. The Badr consortium is being advised by the UK’s Standard Chartered.

Others bids may yet materialise before the bid deadline, which was extended for the third time from 2 May to 5 June at the request of three bidders.