SAL Saudi Logistics Services Company has leased a land plot at Prince Mohammed bin Abdulaziz International Airport in Madinah to construct and develop a new air cargo terminal.
The agreement was signed with Taiba Airports Operation Company, the company said in a statement to the Saudi stock exchange on Sunday.
The 16-year lease is for a land plot measuring 3,500 square metres (sqm) plus 4,000sqm for three years for expansion.
SAL is expected to invest 12 million Saudi riyals ($3.2 million) in developing the new terminal, the statement added.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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