CHANGI AIRPORTS LANDS 1ST DEAL IN WEST EUROPE
16 August 2008
Karamjit Kaur, Aviation Correspondent
CAI chosen as consultant for upgrading of Rome's Fiumicino airport
CHANGI Airports International (CAI) has scored another major coup - this time in its first foray into western Europe.
So far, CAI - the investment and consultancy arm of the Civil Aviation Authority of Singapore (CAAS) - has confined its reach to Asia and Russia.
But it has been selected as a consultant for the development and modernisation of one of Europe's fastest-growing airports.
When contacted by The Straits Times, a spokesman for Aeroporti di Roma, operator of Rome's Fiumicino airport, confirmed that CAI had been appointed to the role earlier this month.
She said: 'Changi is well-known as one of the best run airports in the world.'
Singapore's Changi team - possibly the first Asian airport outfit to gain a foothold in the European market - will help review the airport's masterplan for the next seven to 10 years, she said.
Last year, Fiumicino handled 32.4 million passengers - a 9.1 per cent increase over the year earlier. By 2016, traffic is expected to reach 50 million passengers.
A spokesman for CAI said the company was keen to partner Fiumicino in its development plans.
CAI's other ventures include a 29 per cent stake in a Chinese airport; joint-venture partnerships in India, China and Russia; and a hand in the development and operations of more than 15 airports around the region.
Earlier this week, the company announced that it was part of a consortium which has been shortlisted in a bid to develop and operate St Petersburg's Pulkovo International Airport.
The concession will include upgrades and the development a new passenger terminal, which is estimated to cost 900 million euro (S$1.8 billion).
Pulkovo airport handled 6.13 million passengers last year - a 20.3 per cent rise from 2006.
Looking ahead, industry observers expect Changi to continue its push into fast-growing airports in China, India, the Middle East and the rest of the world.
This is especially so given that the CAAS is to be corporatised next year. The statutory board will be broken up into two entities - one to run Changi and the other to take care of regulatory functions like pilot licensing.
While CAI is busy expanding its global footprint, the Government of Singapore Investment Corporation (GIC) has also been building up its portfolio of airport investments in the last 18 months or so.
GIC's private equity unit, GIC Special Investments, has a stake in British Airports Authority and Budapest airport - believed to be under 20 per cent in each case.
It also has a stake in Beijing Capital International Airport, although the size of the stake is not known.
More recently, GIC has also become an indirect investor in Rome's Fiumicino airport, which awarded Changi the consultancy contract. This is through its stake in Italian firm Sintonia, which in turn has stake in a company called Gemina that owns the airport in Rome.
(c) 2008 Singapore Press Holdings Limited
Straits Times
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