RIYADH, Jan 5 (Reuters) - Foreign companies will be allowed to invest in the Saudi Arabia airports being privatised without the need for local partners, the kingdom's aviation regulator said on Tuesday.
Local investments in some airports will be capped at 25 percent to ensure foreign operators have a majority holding in operating contracts, chairman Faisal al-Saqir, chairman of the General Autority of Civil Aviation (GACA) told reporters in Riyadh.
The regulator has announced plans to privatise airports in Riyadh, Dammam and Jeddah as a means to support state finances following a sustained slump in oil prices.
(Reporting by Angus McDowall, writing by Nadia Saleem; editing by Matt Smith) ((nadia.saleem@thomsonreuters.com; +97143664256; Reuters Messaging: nadia.saleem.thomsonreuteres@reuters.net))
Keywords: SAUDI AIRPORT/PRIVATISATION