A consortium comprising Turkey’s TAV, Saudi Oger and Al Rajhi Holding Group has signed a contract for Saudi Arabia’s Madinah airport, a report quoting TAV said.

The consortium will build and operate the Madinah International Airport for 25 years. 

It will invest between $1 billion and $1.5 billion on the project and the construction of the passenger terminal is expected to finish by mid-2015, TAV chairman Sani Şener was quoted as saying by Hürriyet Daily News.

The Madinah airport is important for TAV’s portfolio in the Muslim world, he said. “Our partnership with two of Saudi Arabia’s large corporations will help us when bidding in other airport tenders,” Şener said.