Bin Laden Group wins bid for Jeddah airport revamp

DUBAI, Nov 14 (Reuters) - Saudi industrial conglomerate Bin Laden Group has won two contracts worth 27 billion riyal ($7.2 billion) to revamp King Abdulaziz International Airport in the Red Sea port city of Jeddah, the state news agency reported. The contracts were for the first phase of a development project that will raise the airport’s annual capacity to 30 million passengers, the Saudi Press Agency (SPA) said on Sunday.

Top OPEC oil exporter Saudi Arabia plans to spend billions of riyals in coming decades to overhaul some of its airports.

In March, the kingdom’s civil aviation authority said traffic at Saudi airports had reached 30 million passengers annually and was expected to double to 60 million over 10 years. (Writing by Raissa Kasolowsky; Editing by Dan Lalor) ($1 = 3.750 Saudi Arabian riyals)