How UAE defence giant EDGE Group plans to double its exports
The UAE defence conglomerate has put an aggressive strategy in place to increase its share of exports while navigating the growing gap between East and West.
Latvian government approves new airBaltic terminal
The Latvian government has approved the construction of a new terminal by airBaltic at Riga International Airport.
airBaltic president and CEO Bertolt Flick commented, “The infrastructure of the Riga International Airport has already reached its design capacity limits, and so a new terminal is needed to accommodate the growing passenger numbers.”
airBaltic plans to build a terminal with a floor space of 58,000 sq m and which will be able to handle up to 15 million passengers a year. Total investments are expected to amount to more than €92 million. Investments will come from the private sector, and, according to the airline, the project will require no funding or guarantees from the state.
airBaltic will negotiate with the TAV company on the construction and operation of the terminal. The airline is also negotiating with several banks on project financing. Bids for tender on construction and architectural design will be launched in the near term.
Riga International Airport saw a passenger increase of 10.2% last year and expects a 15% increase this year. airBaltic achieved an increase in passenger numbers of more than 30% at Riga, its home base, last year, and earned record profits of €20 million.
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