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FINANCIAL NEWS
Bahrain Airport, Hochtief to create $115m JV
23 Mar 2010
(MENAFN) Hochtief AG, a German construction firm, said that it has signed an agreement with Bahrain Airport Company (BAC) to set up a joint venture, which will provide facility management at Bahrain International Airport, Reuters reported.
The new entity, Hochtief Facility Management Bahrain Airport, will be set up at a cost of $115 million. Hochtief AG said the contract marks a further internationalization of its service business.
The agreement will run for six years, with an option to be extended for another five, the company said in a statement.
Hochtief Facility Management Bahrain Airport will initially employ around 170 people involved in the operation of all technical systems and the airport infrastructure.
The airport currently handles around eight million passengers per year, but with a new terminal due for completion by 2015, the passenger number will rocket to 15 million, the company said.
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