TAV Airports and the Kazakhstan Infrastructure Fund have completed the buyout of Almaty Airport, Kazakhstan’s main aviation gateway and an important junction on the ‘modern Silk Road’. The partners say the capacity of the airport will be doubled thanks to a US$200m investment. Almaty will become the 15th airport in TAV’s global network.
TAV is now 85% beneficial owner of Almaty Airport and associated fuel and catering businesses; the Kazakhstan Infrastructure Fund, managed by VPE Capital and backed by Kazyna Capital Management, holds the remaining 15% stake. Almaty is the first airport in TAV’s portfolio where the company owns the airport instead of a time-limited concession.
Located in the southeast of the country and an important stop on the ancient Silk Road, today Almaty is a strategic junction in the One Belt One Road project, connecting China-Central to West Asia, Europe and Africa.
TAV Airports president and CEO, Sani Şener, said, “We’re happy to add Almaty Airport, which is a main transit hub between Asia and Europe, to our portfolio. Almaty is strategically located on the ‘modern Silk Road’, established from China to Europe and Africa through air transport. Kazakhstan is the largest country in the region – both geographically and economically – and Almaty is the largest city in the country, producing 20% of Kazakhstan’s GDP.
“Our aim is to contribute to the economic and social development of the Almaty region, creating employment and facilitating a global reach for local businesses. I would like to underline the supporting approach toward foreign investors in Kazakhstan and thank government officials, our partner, our lenders and employees who made this process as smooth as possible.”
First opened in 1935, and with two runways, Almaty is the busiest hub in Central Asia. TAV says it will invest around US$200m to build a new international terminal that will double the airport’s capacity to more than 14 million passengers annually. The investment is planned to be completed in less than three years.