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SAL Saudi Logistics Services Company has secured a lease for a land plot at Prince Mohammed bin Abdulaziz International Airport in Madinah, where it plans to construct and enhance an air cargo terminal.
The agreement was formalized with Taiba Airports Operation Company, as disclosed in a statement to the Saudi Stock Exchange.
Covering an area of 3,500m2 initially, the lease extends for 16 years
Covering an area of 3,500m2 initially, the lease extends for 16 years. Additionally, there is a provision for an additional 4,000m2 for expansion over the first three years. According to the statement, SAL intends to invest SAR 12 million ($3.2 million) in the development of the new terminal.