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Malta International Airport this week revealed its USD250 million (approximately Lm90 million) “ambitious project concept” to convert the MIA car park and all the unused space around the Luqa terminal into a massive business park including a four-star hotel, shopping malls, offices, entertainment centres and conference halls.
The project would include the development of a total of 140,000 square metres of land opposite and including the main terminal building, with the car park transferred underground.
MIA will be seeking expressions of interest from corporate multinational businesses – particularly American investors wanting to penetrate the North African region – to design, build, operate and transfer up to 80,000 square metres of land for what is proposed to be developed into a Mediterranean Business Park.
The land, which was acquired by MIA following privatisation in 2002 under a deed of emphyteusis for 65 years, will be offered for up to 55 years to developers.
“We see a great potential in this project as we believe that with Malta as member of the European Union, foreign direct investment in the financial, industrial and services sectors is expected to increase rapidly,” MIA Chairman Michael Hoeferer said at Tuesday’s launch. “Multinational companies are already targeting Malta as an ideal location to set up regional offices and this trend will confirm Malta’s status as a focal point of international transport and trade.”
He insisted MIA would not be competing with other hotels and complexes as the project was more aimed at business travellers than tourists.
MIA’s vision is to act as a catalyst for the setting up of foreign businesses in the region and upgrade Malta’s status as a trade centre in the Mediterranean region, thus strengthening Malta’s proverbial role of a bridge between Europe, North Africa and the Middle East, Mr Hoeferer said.
“With the successful realisation of this ambitious project, MIA will indeed have contributed further and most significantly to the economy of the country,” he said.
While the design is still in a conceptual stage, the virtual reality presentation featured high-rise buildings right next to the apron. Asked whether he felt sure he would want to have such buildings where planes land and take off, Mr Hoeferer said: “There are no restrictions.”
MIA submitted an outline development application to the Malta Environment and Planning Authority. MIA will be responsible to oversee, co-ordinate and facilitate the project within its overall master plan.
MIA’s Head of Marketing and Business Development Division Joseph R. Darmanin said there has been “a very enthusiastic response” so far from big corporations abroad.
“You’d be surprised,” he said, when asked on the kind of feedback MIA had so far on its proposals. “This project is an ideal opportunity for potential investors to expand in an EU country, which is a gateway to North Africa and the Arab world.”
The project is in line with MIA’s expansion drive and initiative to develop the “hub” transport business, cargo market development and maximising the use of its land for commercial activities in order to enhance and support its aviation business as well as an alternative revenue stream.
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