- April 29, 2013
Egypt Ministry of Aviation Outlines Significant New Investment Opportunities within Two Months
Civil Aviation Minister Wael Elmadawy and an accompanying delegation returned Monday from Johannesburg, after participating in the International Airport City Conference held in Durban, South Africa.
At the conference, the Egyptian delegation presented a feasibility study prepared by the British AECOM Company for the establishment of a proposed Cairo Airport City to make use of lands around Cairo International Airport, an estimated area of 55 square kilometers.
Building the Airport City is intended to increase Cairo airport revenues, provide the necessary funds for the establishment of a variety of projects and the creation of investment opportunities, build partnerships with investors to set up various projects in the new Cairo Airport City, to find commercial channels outside aeronautical activities, develop and support the economy through participation of the private sector and foreign investors, and transform Cairo airport into a central hub, due to the vast array of services and activities it will offer, which will cover tourism, industrial, service, commercial, entertainment, medical, sports and educational projects.
The first phase of the project – with an estimated area of 410 thousand square meters – will open to investors within two months. It will be offered through partnerships with investors, so that the ministry would own the land and provide infrastructure support, while investors establish and run their projects for a period of up to 40 years – on a lease basis.
The project includes the establishment of a cargo zone comprising a service area for cargo plane loading and unloading on an area of 1.7 million square meters will later be linked by road and railway to Sokhna port. Airport City will also be linked to the Metro (subway) network which will reach the airport after the completion of the fourth line to Heliopolis.
This project will result in a threefold increase in the capacity of the Egypt’s national airline EgyptAir. It will also help the growth of tourism and increase transit traffic through Egypt, as well as the movement of goods.