Egypt is to build a $255 million airport at Ras Sidr in northwest Sinai as part of a series of airport projects to meet growing demand, mainly from the tourism industry, Khaleej Times reported Monday, quoting Egypt's Tourism Ministry.
It said in a statement that Transport Minister Ibrahim Demiri had signed a contract for the construction of a one million square meter (3.3 million square foot) airport under a build-operate-transfer (BOT) formula.
The airport which will be transferred to the state after 41 years, and valued according to the contract at one billion pounds ($255 million), was signed with Nordic Engineering Resource, a joint Norwegian-Egyptian consortium, and Britain's Malicorp -- Albawaba.com
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