Singapore-based Changi Airport Group has won the 20-year contract to operate and manage (O&M) Jeddahs King Abdulaziz International airport.
Sulaiman al-Hamdan, president of the General Authority of Civil Aviation (Gaca) and Saudi Arabia transport minister, made the announcement on 30 April.
The contract is expected to take effect within four weeks.
The award took place exactly seven days from the submission of bids.
The value of the contract has not been disclosed.
A new tender was launched earlier this year with submissions received on 23 April and award originally expected in mid-May.
Al-Hamdan said Changi Airport is an essential partner and that he hopes the partnership will achieve the sought-for goals, which include improving services at the airport.
It is understood that the redevelopment and expansion of the Jeddah airport is 88 per cent complete. Construction work is expected to be fully completed before the end of the year. Gaca said the airport aims to be operational by mid-2018, or shortly before the hajj season commences next year.