The deal marks the first time that the Saudi government has not funded an airport construction project from its own resources.

The tenor of the debt is 12 years and 9 months, with Bank al-Jazira, Credit Suisse and the Islamic Development Bank taking part in the deal. Gulf One Bank advised on the deal.

Binladin was awarded the build-operate-transfer contract for the project, which in total will cost in excess of $300 million, in December 2006. The terminal will cover 500,000 square meters and involve the construction of a permanent building.