Al-Mal investments bids for US$1.2 billion Philippines airport project
Posted by BusinessIntelligence Middle East
Source: BI-ME , Author: BI-ME staff
Posted: Sun January 17, 2010 2:52 pm


KUWAIT. Kuwait's Al-Mal Investment Co, said it has bid for a tender to develop an airport in the Philippines, valued at about US$1.2 billion.

"The firm notifies that it has bid for a tender to develop Clark airport with a cost close to US$1.2 billion," Al-Mal said in a statement on the Kuwaiti bourse website on Sunday.

Al-Mal has offered to develop three passenger terminals at the Diosdado Macapagal International Airport (DMIA) according to local Philippines media reports.

Al-Mal has committed to develop DMIA Terminal 2 at a total investment of US$100 million representing Phase I of the terminal I to be finished in two years. The terminal I will have a total floor area of 35,000 square meters and seven million passengers capacity per year, The Manilla Bulletin reported, citing Nestor Mangio, chairman of the Clark Airport International Corp. (CIAPC) which operates the DMIA.

Under the offer, Al-Mal will form a Joint Venture Company with CIAC on a 70/30 sharing in which CIAC to get 30% of the joint venture for contributing the leasehold rights over the land site. CIAC will not contribute cash or issue a government guarantee, according to the Manilla Bulletin.

Under the proposed airport development, DMIA runways will be further improved to accommodate bigger aircraft, hotels and commercial buildings as well as other aviation facilities will be constructed.

Al-Mal, which is controlled by the family-owned conglomerate Kharafi Group, said it was still in negotiations with the concerned authorities in the Philippines.


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