Plans to build Abu Dhabi’s new airport terminal are underway with a Dh4bn (US$1.1bn) loan from Mashreq, First Gulf Bank, Al Hilal and Jordan’s Arab Bank.

A source at Mashreq tells GTR that the bank will be leading the financing, which is 80% shariah-compliant. All the banks are expected to provide equal amounts on the deal, which is expected to close in the coming weeks.

The consortium in charge of building the Medina Airport includes UAE’s Arabtec, Turkey’s TAV Insaat and Athens-based Consolidated Contractors. The project, which also includes Saudi Oger and Al Rajhi Holding Group, is expected to be completed in the first half of 2015.

The consortium was awarded a US$2.9bn contract in June this year to build a mid-field terminal at the Medina airport in Saudi Arabia.