The Arabtec Holding (Arabtec) and Turkey-based TAV Construction JV is reported to have agreed to raise a AED4 billion (USD1.1 billion) loan from a group of regional financial institutions to help it finance the construction of Bahrain’s new airport terminal. Dubai-based Mashreq is said to have led the project finance transaction, according to two anonymous sources, with the deal expected to be closed soon. A number of Bahraini banks are also said to have also participated in the facility. The news is yet to be confirmed by the company. The Arabtec-TAV JV won the Bahrain airport expansion contract in January, with the work is due for completion before the end of 2020. c70% is being funded by the GCC Fund, primarily by Abu Dhabi Fund for Development (ADFD), with the rest being provided by the Bahraini government. (MEED)