Egyptian Airports Holding Company eyes $774mn-revenues in FY2016-17

Egyptian Holding Company for Airports and Air Navigation (EHCAAN) eyes achieving revenues of 6.8 billion Egyptian pounds (US$774 million) during the new fiscal year 2016-17.

Speaking to Amwal Al Ghad Sunday, Chairman Ismail Aboulezz asserted that EHCAAN is set to operate a number of new projects during the first half on the new fiscal year.

He noted that the company is currently finishing restoration works in El Nouzha Airport with the cost of 230 million pounds and set to inaugurate it next September.

EHCAAN is set to inaugurate Al-Melez International Airport by the end of 2016, the official noted.

Travel movement in touristic airports -notably Sharm El Sheikh, Hurghada, Luxor, Aswan- declined by 40-50 percent , thus, the company planned for some expansion projects such as establishing terminal 2 in Sharm El Sheikh airport.