Kuwaiti firm offers to build $1.2-B airport at Clark

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by Philippine Daily Inquirer
Published by Clark Philippines on January 19, 2010

MANILA, Philippines—A Kuwaiti firm has offered to build a $1.2-billion airport at the Clark Freeport in Pampanga which is hoped to jump-start the development of the former United States military base into the country’s premier international gateway.

Clark International Airport Corp. (CIAC) president and chief executive officer Victor Luciano Monday confirmed reports that Kuwait’s Al-Mal Investment Co. had submitted a proposal to build a new airport north of Manila.

“We are now evaluating that proposal,” Luciano said.

Al-Mal, owned by MA Kharafi and Sons, one of Kuwait’s largest conglomerates, submitted the proposal on December 24.

“Al-Mal has committed to develop all civil components of the Diosdado Macapagal International Airport Terminals 1, 2, and 3 as well as the adjacent land of 1,500 hectares following the original plan at a total investment value of $1.2 billion,” CIAC chairman Nestor Mangio said in a statement.

Mangio said Al-Mal offered to develop Terminal 2 at a cost of $100 million under Phase 1 of the project.

Terminal 2 will have a total floor area of 35,000 square meters and will accommodate seven million passengers annually.

CIAC noted that the proposal would still have to undergo a competitive challenge, where other parties would be given a chance to come up with a better deal for the government.

Paolo G. Montecillo

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Tuesday, January 19, 2010 All News & Press Releases Archive, Clark Investments Archive

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