Saudi Arabia’s civil aviation authority announced that it would privatize Jeddah and Dammam airports in Q2 and Q3 of 2017, respectively, in line with previously publicized plans to bolster state finances strained under the sustained slump in oil prices, reported The National. Riyadh had earlier announced that it would privatize the capital’s King Khaled International Airport already in Q1 of 2016.

According to Trade Arabia, the authority clarified that foreign companies would be allowed to invest in Saudi airports’ privatization schemes, without the need for local partners, and local investments in some airports would be capped at 25% to ensure foreign companies have a majority holding in operating contracts.