Egypt will launch concessional tenders for ‘Airport City’ early in 2014, Egyptian Minister of Civil Aviation, Abdel Aziz Fadel, told Reuters in an interview.
Airport City is a proposed development of entertainment and services within the vicinity of Cairo Airport.
The minister said investments in the project will reach 70 billion EGP ($10.2 billion).
Airport City will span ten million square metres and will take 7 to 10 years to construct.
“An English company is currently developing a study regarding the project,” the minister added.
Fadel also revealed that Egypt is working on increasing its airline fleet from 21 to 120 aircraft in 2025, and 150 planes in 2050, by leasing instead of purchasing the planes.
The average monthly leasehold for a small craft is $350 000, and between $800 thousand and $1 million for larger planes, according to the minister.
Fadel linked the plan to increase the national company’s fleet to tourism recovery and political stability.
Air traffic decreased by 40 percent in 2011 following the 25 January revolution, compared to the previous year.