Thailand Approves $9 Bn Airport Project By Bangkok's Skytrain Operator

(@FahadShabbir)

Thailand approves $9 bn airport project by Bangkok's skytrain operator

Thailand's cabinet on Tuesday approved a $9 billion bid from a consortium led by Bangkok's billionaire skytrain operator to develop an airport in its southeastern coast, which the kingdom hopes will transform into an economic and tech hub

Bangkok, (APP - UrduPoint / Pakistan Point News - 2nd Jun, 2020 ) :Thailand's cabinet on Tuesday approved a $9 billion bid from a consortium led by Bangkok's billionaire skytrain operator to develop an airport in its southeastern coast, which the kingdom hopes will transform into an economic and tech hub.

Located near resort town Pattaya, U Tapao airport is one of the infrastructure centrepieces for Thailand's Eastern Economic Corridor (EEC), an ambitious 1.7 trillion Baht ($53.8 billion) scheme seeking to attract investment from industries like auto and tech manufacturing.

BTS Group Holdings, which operates Bangkok's skytrain and is owned by billionaire Keeree Kanjanapas, led a consortium of companies approved to develop the "Eastern Airport City" project.

They were chosen "as the winner because it proposed the best guarantee and returns, rent and revenue-sharing to the government", said the cabinet in a statement after their meeting Tuesday.

Bangkok Airways -- owned by Prasert Prasarttong-Osoth, who Forbes lists as among the kingdom's richest -- is part of the consortium, as well as construction firm Sino-Thai Engineering and Tokyo's Narita International Airport.

The 290 billion baht ($9.2 billion) project will include a new terminal, an air cargo centre, and an aviation repair and maintenance site, according to official EEC documents.