Changi loses deal to manage and operate new Jeddah airport

Updated 21 February 2018
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Changi loses deal to manage and operate new Jeddah airport

LONDON: Saudi Arabia’s General Authority of Civil Aviation GACA) has terminated an agreement to allow a consortium consisting of Singapore’s Changi Airports International and Saudi Naval Support Company to manage and operate the new King Abdul Aziz International Airport in Jeddah, just 10 months after it was told it had won a competitive bidding tender.
GACA said in a statement: “Following an internal review, GACA has decided to undertake a new international tendering process for the contract to manage the airport in Jeddah. This review raised a number of fundamental concerns that has required GACA to revisit and terminate the award of the concession to the consortium comprising of Changi Airports International and Saudi Naval Services.
“All actions undertaken by GACA are in accordance with the terms of the executed concession agreement. The new tendering process will meet best practice standards of transparency and fairness.”
GACA said it would communicate further information on the new tendering process in due course. It added that the decision would not impact the projected timeline for the new airport, which is scheduled for “a soft opening” in May 2018.
A consortium statement said it noted that GACA had chosen “to terminate the agreement for the operation and management of the new airport.”
It also said: “The consortium strictly observed the request for (the) proposal process, stipulated by GACA. It submitted all required documentation for GACA’s review and had obtained all requisite approvals prior to the award of the concession.”
On May 2, 2017, Singapore-based Changi Airports International said in a statement that it had won the license to run the airport for a 20-year term.


Lebanon’s Jammal Trust Bank forced to close by US sanctions

Updated 10 min 49 sec ago

Lebanon’s Jammal Trust Bank forced to close by US sanctions

  • Jammal Trust Bank is accused of helping to fund the Hezbollah movement in Lebanon
  • The bank has 25 branches in Lebanon and representative offices in Nigeria, the Ivory Coast and Britain

BEIRUT: Lebanon’s Jammal Trust Bank has been forced to wind itself down after being hit last month by US sanctions for allegedly helping to fund the Iran-backed Hezbollah movement, the bank said on Thursday.
The central bank said the value of the bank’s assets, and its share of the national deposit guarantee body, were “in principle enough to pay all deposits and commitments.”
Jammal Trust Bank denied the US allegations in August after the bank and its subsidiaries were hit with sanctions, accused of helping to fund the Hezbollah movement in Lebanon.
“Despite its sound financial situation ... and its full compliance with banking regulations, the (bank) was forced to take the decision to liquidate itself in full coordination with the central bank,” Jammal Trust said in a statement.
The bank has 25 branches in Lebanon and representative offices in Nigeria, the Ivory Coast and Britain, its website says.
It is a relatively small lender, with net assets of 1,600 billion Lebanese pounds ($1 billion) at the end of 2017, according to the annual report on the latest year for which data is available.
Washington has sought to choke off Hezbollah’s funding worldwide, with sanctions among a slew of steps against Tehran since US President Donald Trump withdrew last year from a 2015 international nuclear deal with Iran.