When Athens International Airport (AIA) opened in 2001 it was an exceptional development - Greece's first major greenfield airport project - and few could have predicted at the time that it would provide the basis for one of Europe's first and foremost airport cities.
In its early year's AIA faced a host of challenges, from establishing itself as a recognised European hub with a broad international network, to turning itself into a profitable enterprise and demonstrating the success of its public-private construction and operation.
Today, Athens International Airport boasts direct services to 113 destinations in 52 countries with 70 airlines and traffic growth exceeding 6% between 2002 and 2007. This remained robust even during the 2008/09 global recession, when it fell just 1.5% - one of the lowest rates for a major airport in Europe.
Based on the company's management approach, the airport is run as a catalyst for long-term business development and as a commercial platform for over 300 enterprises directly related to the airport's operation.
With 1,650 hectares of available land and a focus on not creating a negative impact on local communities, AIA is driving a carefully planned and developed airport city based on the ancient Greek classical principle of 'human scale'.
The result is an airport city that is aesthetically attractive and encourages visitors to spend their time in an appealing environment, while state-of-the-art IT&T infrastructure allows its tenants and concessionaires to operate their businesses efficiently and effectively.
At its opening, the airport automatically generated approximately 3,300 new jobs with the subsequent retail and real estate developments creating more than 16,000 jobs at the airport compound - making Athens International Airport one of the biggest employment engines in Greece.
As a profitable and growing development, the airport and its real estate portfolio contributes significantly to the Greek economy, generating an annual total added value of €4.9 billion, corresponding to 2.14% of Greece's GDP, and creating more than 63,000 jobs in Greece - both inside and outside the fence.
As significant and rewarding as these achievements may be, AIA's management has had no time to relax. As a new more competitive era follows the global economic recession, issues such as developing traffic and networks, outperforming the current macroeconomic trends, optimising airport capacity and meeting the environmental challenge, are the new parameters it faces.
Within this context and in an effort to optimise the use of its existing infrastructure, the gateway, always taking into consideration the developments in the market and the wider macroeconomic environment, is planning to make full use of its Satellite Terminal Building (STB) as a dedicated extra-Schengen facility and to fully integrate its operations within the Main Terminal Building (MTB).
This project is already in its design phase and aims to provide access to additional boarding bridges to accommodate future airline needs, along with the creation of additional commercial space, widening choice for passengers and improving terminal ambience and implementing new technologies (such as CUSS and web check in), in order to improve customer service.
In addition, a multi-storey car park development is planned to accommodate future car parking demand. Based on current demand forecasts, the facility will offer additional products for different categories of car user and is planned to be ready for operation by 2012.
Regarding future prospects, it has to be taken into consideration that the Greek economy is expected to remain in a state of recession throughout 2010.
The economic conditions are expected to have a negative effect on outbound Greek travel demand. On the other hand, the signs of recovery and exit from the recession, which are apparent in other parts of Europe, are expected to have a positive impact on holiday demand to Greece.
In addition, following the previous year's developments in the Greek aviation sector, the strategic repositioning of Greek airlines that led to the cooperation between Olympic Air and Aegean Airlines will also have a significant impact on traffic and other areas of AIA's business.
Following a strong track record achieved so far in external business activities, AIA will continue to explore business opportunities at airport projects in Greece or abroad.
The unfavourable macroeconomic situation in Greece and abroad during 2009 meant that Athens International Airport was one of the few sources of positive business news, reporting satisfactory end-of-year traffic with minimal losses, high profits and liquidity and a significant contribution to the national, regional and
local economy.
In contrast to the negative 2010 economic trends, AIA is expecting to remain a positive contributor of financial and non-financial value to its stakeholders, its shareholders and the Greek society and economy.
