Saudi Arabia's first privately owned airport is likely to be ready by 2014, according to a senior official of the General Authority of Civil Aviation (GACA).
The new airport will be built on the other side of the existing Prince Mohammad Bin Abdul Aziz Airport in Madinah.
The old airport will be demolished once the new facilities are ready, said Alaa Samman, general manger of business development for domestic airports at GACA.
An international tender will be floated in May. The final contract is likely to be awarded to the successful bidder by the end of the year or the beginning of 2011, Samman said.
"The actual work on the airport will start one year after the contract is awarded. It will take at least two years to complete," he added.
The contract will be awarded on a build-operate and transfer (BOT) basis. The airport will have a capacity of 8 million passengers per year and cost SR7-8 billion. Samman described it as the first phase of a long-term development. The second phase will see the building of new facilities and further expansion, he added.