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Athens International Airport: Firming-up of the concession contract’s extension to bring new investments

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The cost for the 20-year extension of Athens International Airport’s concession contract, currently ending in 2026, is finally set at 1.1bn euros. This effectively settles a major oustanding issue, dating from 2016, when the process first started.

Brussels played a key role in the definition of the amount, as DG Comp considered that the initially agreed price of approximately 600mln euros (incl. VAT) did not correspond to the considerable increase in AIA’s passenger traffic, eventually leading to a new agreement which reached an impressive 1.34bn euros (incl.  VAT).

Athens International Airport, from 2013 to 2017 recorded a spectacular increase of 75%, while it continues to grow at a significant rate as in the first 5 months of 2018 there was an increase of 10.9%.

The agreement, once finalized, will give the green light for the expected large-scale investments, especially considering that this year “El. Venizelos” Airport will reach 24mln passengers and in 2019 the crucial 26-mln threshold.

The investments are related with the expansion of the terminal, in order for the traffic increase to be addressed. It will be the second largest airport-related project, after the future Airport in Kasteli, Crete, for the coming years in Greece.

In the long term, this agreement will release investments that are estimated at 1.5bn euros by executives of the Airport. It is worth mentioning that the development of Athens Airport since 2001, according to the findings of an earlier survey, has contributed to the creation of 65,000 jobs (directly and indirectly) making any additional investments of strategic importance, especially in a period which our country needs them greatly.

 

Nikos Karagiannis-ypodomes.com

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