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Investments made by Albanian oil and construction conglomerate Kastrati Group in Tirana's Mother Teresa Airport since 2021 are expected to exceed €55 million ($60 million) by the end of 2023, BalkanEngineer.com has learned from SeeNews.com. The group will thus meet more than half of its total investment commitment in its concession agreement with the airport.
In 2021, the operator of the Albanian capital's international airport, owned by Kastrati Group, said it plans to invest approximately €100 million in improving the airport's infrastructure. In June this year, Mother Teresa Airport added a second floor to its passenger terminal, which now features retail space and restaurants and also hosts exhibitions and book fairs. A new multi-level parking garage is also under construction. Thanks to these investments, mainly focused on terminal expansion, passenger capacity has increased significantly to 10.5 million passengers per year.
Kastrati Group acquired 100% of the shares of the airport's concessionaire from the Chinese company Real Fortress Private Limited for €71 million in 2020. In October this year, Tirana Airport also unveiled its expansion plan to accommodate the potential establishment of a dedicated base for Irish low-cost carrier Ryanair in the Albanian capital.
Photo source: canva.com