Economy, Domestic Economy

$2.8b IKIA Plan

$2.8b IKIA  Plan$2.8b IKIA  Plan

Iran is to earmark $2.8 billion for the expansion of the main air terminal, Imam Khomeini International Airport in Tehran. Companies from France, China and Malaysia have announced their readiness to help with the development project, a local consulting company said, as reported by Bloomberg earlier in the week. France’s Bouygues SA is among the companies that expressed interest, chairman and chief executive officer of Tehran-based Rah Shahr International Group told Bloomberg by phone from London. “The project at hand is for a new terminal with capacity to handle 20 million passengers,” said Mohammad Kiai. The new airport terminal is due to be built in five years, though it could take longer depending on whether sanctions are eased. The project could be split into two phases with the first increasing capacity by 12 million passengers, he added. Imam Khomeini International Airport currently has capacity for six million air passengers a year. Once the expansion is complete, the existing terminal will be used for domestic flights, Kiai said.