Abdullah Rehaimi, president of Saudi Arabia's General Authority for Civil Aviation (GACA) has said that the kingdom will invest more than SR46bn ($12.3bn) to overhaul its airports until 2020 and is setting up a new company to manage its 27 hubs, Zawya Dow Jones has reported. GACA is working with the International Finance Corp, an arm of the World Bank, to develop three airport city projects at the kingdom's three international airports in Riyadh, Jeddah, on the Red Sea, and Dammam, on the Arabian Gulf. 'We're very behind in the development of our airports, but we're now transforming them into economic zones,' Rehaimi said.