Saudi Arabia’s General Authority of Civil Aviation (Gaca) has selected Bahrain’s Gulf International Bank (GIB) as an advisor for the privatisation of four airports.

GIB is thought to have partnered with a UK firm of transaction advisors.

The airports are Taif, Qassim, Al-Hail and Al-Hassa.

MEED reported that the tender to develop and expand Taif airport as a public private partnership (PPP) was suspended due to investor concerns over passenger numbers. The Washington-based International Finance Corporation (IFC) was the financial advisor.

The build-transfer-operate model was based on Medina’s successful Prince Mohammed bin Abdulaziz International airport, which entered full operations in June 2015.

GIB is expected to continue the same tendering process rather than going back to the drawing board for Taif, as well as a second airport where procurement has already begun.

The investment bank did not respond to a request for comment.

Gaca invited local and regional banks, including GIB, National Commercial Bank and Alinma Bank to bid for the privatisation packages contract. The banks, which have little experience of managing privatisation, brought in specialised transaction advisors.

Gaca is expected to issue tender for several more advisory deals in the next few months. The authority plans to privatise all airports in Saudi Arabia by 2020.