Seoul Incheon airport’s operator has signed an agreement covering the operation and development of Manila’s Ninoy Aquino hub in the Philippines.

Incheon International Airport Corporation is part of a consortium which includes diversified Philippines company San Miguel Holdings and financial investors RLW and RMM.

It states that the consortium has established a localised special-purpose company – called New NAIA Infra – which will take over Manila airport and be responsible for its development.

Incheon holds a 10% share in this company, and will serve as the operator of the hub. The concession period is 25 years, running to 2049.

The formal airport contract and shareholder agreements were signed on 18 March.

Incheon Manila signing-c-IIAC

Source: IIAC

Partners sign the agreement to take over and operate Manila’s Ninoy Aquino airport

“We plan to dramatically improve the operation and airport service level of Manila airport, the gateway airport to the Philippines, by utilising world-class construction and operation know-how accumulated by Incheon,” says Incheon president Hag Jae Lee.

Incheon says it will carry out “step-by-step facility expansion and improvement”, taking annual capacity from 33 million passengers to 62 million.

It adds that the project should generate cumulative sales of W36.9 trillion ($27.6 billion), with investment of around W4 trillion.

Incheon says these figures make Manila the largest overseas project secured by the company.

It adds that the project is intended to “lay the foundation” for additional large-scale foreign programmes in Southeast Asia.