The Egyptian Holding Company for Airports and Air Navigation (EHCAAN) has begun studying to self-finance the Airports City infrastructure, having earlier postponed offering the project to construction companies.
Chairperson of the EHCAAN Mohamed Saeed told Daily News Egypt that the company intends to carry out the project over several phases to ease the financial burden, noting that the company will offer the tender specifications brochure to contractors to implement the project in the coming fiscal years.
The EHCAAN had earlier posed a tender for the infrastructure, but the lack of financing had postponed contracting.
With the project implementation, Egypt will become the 17th country to have an Airports City.
The lands of the project will be offered to investors on a usufruct scheme, extending up to 40 years.
The state will retain ownership of the project, which represents a vital and strategic region, especially following the implementation of the New Administrative Capital.
The Airports City project will be established on 10m sqm around Cairo International airport. The EHCAAN expects the project to bring in EGP 80bn of investments, according to studies before the flotation of the Egyptian pound.
Moreover, the project will be linked via railway to ports of the Red Sea and the Suez Canal Economic Zone.
Sources told Daily News Egypt that the infrastructure cost of the project will amount to EGP 4.5bn.
At the end of the fiscal year 2015/2016, the EHCAAN had achieved EGP 495m of net profit.