The Directorate-General for Competition of the European Commission has reportedly approved the concession concerning the construction and operation of a new international airport to serve Heraklion, located on the Greek island of Crete.
The concessionaire is Ariadne Airport Group, a joint venture of GEK TERNA and GMR Airports Limited, with a 54% stake and the Greek State owning the remaining 46%.
The concession must now be approved by the Greek Court of Auditors and the Greek Parliament.
The construction of the airport and all necessary infrastructure works, as well as a new motorway linking the future facilities with Crete's Northern Motorway Axis, are expected to commence by the end of the year. These works are to be completed in five years, allowing for the airport to begin commercial operations in 2023)