J&P-AVAX SA announces the Government of Jordan signed on 15.11.2007 the final contract with Airport International Group (AIG) which it participates in, activating the 25-year concession period for the Operation, Maintenance, Extension & Rehabilitation of Queen Alia International Airport.
The construction period is three years and the total budget amounts to around Euro 430 million, to be met by loan facilities provided by International Financial Corporation (IFC), Islamic Development Bank, Calyon, Natixis and Europe Arab Bank, as well as by own equity and revenues from the operation of the airport.
J&P-AVAX participates with a 50% stake in the construction joint venture, with J&P (Overseas) Ltd controlling the balance. J&P-AVAX and J&P (Overseas) Ltd each control 9.5% of the concessionaire.
J&P-AVAX is Greece's first construction company signing a large concession project in an international market, while also expanding into a new area of activity such as the construction and operation of airports.
The management of J&P-AVAX views the new concession as an important development due to the confidence shown by major financial players in acting as its partners and assigning the task of related constructions exclusively to J&P-AVAX and J&P (Overseas) Ltd.
The activity of airport extension, operation and maintenance is of keen interest for the broader area of the Balkans and Eastern Europe, and J&P-AVAX intends to pursue similar projects there.
AIG comprises J&P (Overseas) Ltd, J&P-AVAX SA, Abu Dhabi Investment Corporation, Noor Financial Investment Company KSCC, EDGO Investment Holdings Ltd and Aeroports de Paris Management SA.
AIG won the tender process held in Spring 2007, which included short-listing of bidders, competing against five consortia consisting of major international construction and financial players.
The tender process was carried out in two phases, amongst the following consortia:
-AIG, comprising J&P (Overseas) Ltd (Cyprus), J&P-AVAX SA, Abu Dhabi Investment Corporation (UAE), Noor Financial Investment Company KSCC (Kuwait), EDGO Investment Holdings Ltd (Jordan) and Aeroports de Paris Management SA (France).
-Amman Airport Partners, comprising HOCHTIEF (Germany), Mubadala (UAE), Saudi Oger (Saudi Arabia), United Arab Investors (Jordan),
-Celebi Consortium, comprising Celebi Holdings (Turkey), Vienna Airports (Austria), Nurol Construction (Turkey), YDA (Turkey),
-IIG Consortium, comprising IIG (Kuwait), Banco Efisa (Portugal), Soares de Costa (Portugal), Aeroportos de Portugal (Portugal),
-UDCH Consortium, comprising IDCH (Kuwait), KJH (Kuwait), Malaysia Airport Holding (Malaysia), and
-TAV Consortium, comprising TAV Airport Holding (Turkey), CCC, Kawar (Jordan).
The QUEEN ALIA International Airport is located at Zizya, 32 km south of Jordan's capital city of Amman. The airport's extension and rehabilitation project includes the construction of a new Terminal, based on the design study of internationally-acclaimed architects Foster+Partners, with a surface of 100,000 sq.m. The first phase of development lasting until 2010, projects a three-fold rise in the airport's passenger capacity to 9 million per annum, while the second phase will boost capacity further to 12 million passengers annually.