Monday 23, April 2018 by Jessica Combes

Invest AD sells stake in airport concessionaire

 

Abu Dhabi-based asset manager Invest AD has divested its 38 percent stake in Airport International Group (AIG). 

The concessionaire has developed and operated Jordan’s Queen Alia International Airport, including construction of a new terminal building. 

Invest AD led the consortium that was awarded a 25-year build-operate-transfer concession for the airport in 2007, following a competitive tender process. The consortium also included Groupe ADP, Noor Financial Investment Company (Noor), Edgo, and construction firm Joannou & Paraskevaides (Overseas)/J&P – Avax (J&P).   

The divestment of Invest AD’s stake for $230 million (AED 843 million) is part of a transaction that also sees Noor and J&P fully divest and Edgo partially divesting. Groupe ADP, which operates 26 airports around the world, increases its ownership of AIG to 51 percent. AIG’s other shareholders will be Edgo, Meridiam and IDB Infrastructure Fund II.  

“Over the last decade Invest AD has played a key role in this landmark public private partnership project, which has promoted economic growth and the tourism industry in Jordan. Our legacy is a new state-of-the-art passenger terminal that has enhanced capacity, comfort and services significantly, and allowed a doubling of passenger numbers since 2007. We would like to thank the Jordanian Government for their partnership, as well as our other consortium partners, and all the airlines that have also helped us to develop Queen Alia International Airport into a thriving hub,” said said Faras Al Ramahi, Chief Executive Officer of Invest AD. 

Since AIG began to operate the airport, annual passenger numbers have increased to 7.9 million in 2017, from 3.8 million in 2007.   

AIG has managed an extensive capital investment programme over the last 10 years, which has included construction of a new terminal, designed by world-renowned architect Sir Norman Foster.  

The new terminal opened in 2013, with a further expansion finished in 2016, raising the annual capacity of the airport to 12 million passengers from 3.5 million in 2007. The airport now has 25 gates and can accommodate A380 aircraft. 

AIG also constructed new business lounges, duty-free areas and fashion, retail and food & beverage space, and recently completed the rehabilitation of the airport’s second runway. 

In the annual Airport Service Quality (ASQ) survey, the world’s leading airport passenger satisfaction benchmark programme, QAIA has ranked in the top two airports in the Middle East in all of the last four years.

 

 

  

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