A CONSORTIUM building Abu Dhabi’s new airport terminal has secured a key financing deal to implement the $2.9-billion project.

The consortium comprising Dubai’s Arabtec, Turkey’s TAV Insaat and Athens-based Consolidated Contractors Company, were awarded the contract to build the Midfield Terminal Complex (MTC) as part of the expansion of Abu Dhabi International Airport in June. The MTC will be located between the airport’s two runways, which also gives the terminal its name. The complex will include the terminal building, passenger and cargo facilities as well as duty-free shops and restaurants for a total capacity of up to 40 million people a year. It is slated to become operational in 2017.

Dubai lender Mashreq is leading the Dh4-billion ($1.1 billion) financing deal which includes First Gulf Bank, Union National Bank, Al Hilal Bank, all from Abu Dhabi, and Jordan’s Arab Bank, said two banking sources close to the deal.

The financing will be 80 per cent sharia-compliant with the remainder secured via a conventional loan, the sources said. The four-year contractor finance facility will see all banks provide roughly equal amounts.