Well, our friends at HAS Development Corporation are still trying to expand. Recent news reports identify a HASDC joint venture as a participant in a newly formed consortium that has pre-qualified to bid on the airport development project in Medinah, Saudi Arabia.
The Project Agreement will provide the private-sector investor the rights to develop, rehabilitate, expand, operate and manage the airport (airside as well as landside) and collect a share of the aeronautical and commercial revenues generated.
The investor will be responsible for the management, construction, operation, and financing associated with the project’s implementation. Certain strategic activities such as air traffic control, customs, immigration etc., will remain the responsibility of the Government.
The Master Developer(s) will be selected through an international competitive bidding process from a pool of pre-qualified applicants. The selected Master Developer(s) will be required to arrange for the necessary financing and to execute the key project documents.
So they’ve made the group of eight bidders as the SaudiAirplex Consortium: El Seif Engineering Contracting Co., MMM Group Limited, ADC & HAS Airports Inc. and Emirates NBD Capital / Emirates Financial Services, led by El Seif Engineering Contracting Co.
It seems that even after the substantial scrutiny by investigative journalists Texas Watchdog and KHOU last year, brought on by the abrupt departure of HAS Director Richard Vacar, this shadow organization continues to search for additional deals. The financial windfall to the Houston Airport System, HAS Development Corporation’s sole beneficiary, remains elusive. I’ll keep watching.