Issue link: https://maltatoday.uberflip.com/i/946236
maltatoday SUNDAY 25 FEBRUARY 2018 Business & Finance XI Malta International Airport has been granted approval by the Planning Authority for its master plan, through which the company will plough at least €100 million into the development of its terminal infrastructure, as well as the surrounding airport campus. This approval gives the company the green light to proceed to the planning stage of its forward-looking invest- ment programme, which will be executed in three major phases. "Through this sizeable in- vestment we expect to solidify Malta International Airport's important role in the local economy, as we unlock its potential to welcome more tourists and generate further employment opportunities. We also envisage that this programme will build on the successes of past invest- ments and go on to grow the airport campus into a go-to destination for business and leisure," said Malta Interna- tional Airport CEO Alan Borg. Since its privatisation in 2002, the company has consistently invested in the airport, with the aim of estab- lishing it as one of the best airports in Europe. Over the past 16 years, Malta International Airport's infrastructure has benefitted from an expenditure of more than €110 million, with some of the most noteworthy up- grades brought about being a terminal expansion, a terminal reconfiguration that will allow further traffic growth, and the development of SkyParks Business Centre. In the short term, the com- pany's focus will be retained on the completion of its Ter- minal Reconfiguration Project, which has already delivered a number of improvements within the terminal building. In parallel with this, and together with its consultants, the company will also be actively working on drafting design plans for a lateral expansion of the terminal. This development will be undertaken with the aim of putting Malta International Airport in a better position to keep delivering the excellent airport experience it places so much importance upon to an increasing number of pas- sengers and enhancing the islands' connectivity to the rest of the world. In line with the trend that is seeing airports move away from serving solely as pas- sageways to the world, the company will also continue evolving the surrounding air- port campus into a business and leisure complex, geared at providing high-quality facili- ties and more work opportuni- ties. In fact, in the last quarter of the year, it is envisaged that works on the construction of a multi-storey car park provid- ing more than 1,300 parking spaces, will commence. The master plan also provides for the construction of SkyParks II, which will house office and retail space and a business hotel. The company's master plan was subjected to a Traffic Impact Assessment (TIA) and an Environmental Impact Assessment (EIA), as part of which a public consultation period gave local stakehold- ers, environmental NGOs, and government authorities the opportunity to review the master plan and submit their observations. MIA given green light to invest further through master plan approval Focusing on SkyParks II In line with its aim of devel- oping the airport into more than just a terminal, and following the success of SkyParks Business Centre, Malta International Airport will soon set into motion works on the construction of SkyParks II with an invest- ment of €40 million. Moreover, a preliminary study conducted by a third party indicated that the of- fice market in Malta is far from being developed, and that businesses seeking al- ternative locations to more sought-after and central regions often find that high- quality office space is lim- ited. SkyParks II will cater for this demand by provid- ing commercial and office space, room for double- height showrooms, and in- troducing a business hotel to the southern region. Located just minutes away from the terminal, this hotel is envisaged to enable trav- ellers who fly in for the sole purpose of holding business meetings to make the most of their trip. Occupying 5,500 square metres, this hotel will house approximately 120 rooms and a roof-top bar. As the airport campus con- tinues to evolve, the number of visitors and people work- ing in the area is expected to increase. In light of this, Malta International Airport will also be ploughing €15 million into the construction of a multi-storey car park, which will furnish the airport complex with an additional 1,396 parking spaces. Looking ahead With the Terminal Reconfiguration Project, Malta International Airport is now looking ahead to affecting its investment pro- gramme covering the next five years. This programme is ex- pected to continue to solidify the company's role in the local economy, as it enables it to further grow both its aviation and non-aviation segments. The company's investment programme was revised follow- ing the recent approval of its comprehensive master plan. The approval was granted following an Environmental Impact Assessment, as part of which a public consultation period opened up the opportunity to local stakeholders, environmen- tal NGOs, and government authorities to review the master- plan and submit their observations and recommendations. The master plan will be executed in three major phases, which are envisaged to: • Equip the existing terminal with additional capacity so as to be able to cater for future growth in passenger num- bers, especially considering that the airport has been registering a steady year-on-year increase in traffic; • Continue evolving the airport complex into an easily ac- cessible business and leisure hub, in line with the inter- national trend that is seeing airports move away from serving solely as passageways to the world; • Benefit, and add value to, the southern region by creat- ing more leisure, recreational, business and convenient facilities in this part of the island; • Generate further employment opportunities. This project will be undertaken with the aim of putting Malta International Airport in a better position to keep delivering the excellent airport experience it places so much importance upon