Moscow Domodedovo Airport has unveiled plans to spend $3.5 billion on transforming the land around the gateway into an aerotropolis over the next 10 years.
Dmitry Kamenshchik, chairman of the airport's board of directors, said that most of the airport's own funds will be used for the construction projects.
As part of the development plan the airport will build a new passenger terminal - more than nine times the size of the current one - by 2017, as well as new car parks and it will double the capacity of the cargo terminal to be able to handle 360 tonnes each year.
The airport will also build its own mini central heating and power plant which will provide the airport with its own heat and electricity supply.
The Domodedovo Aerotropolis is expected to attract a number of investments from local and foreign businesses as well as regional and federal government authorities.
Kamenshchik said: "The project is attractive for everyone, that is why we expect to get support."
Mark Veksler, the managing director of Domodedovo Development, added that a $95 million hotel complex is being built in close proximity to the passenger terminal as well as a new $300 million cargo village.
Additionally he outlined a new $23 million hangar for large aircraft maintenance and a $4.5 million LSG SKY CHEFS in-flight catering factory, which will also be built on the airport land.
Further plans include a third runway, a revamped landing apron and expanded terminal facilities.
Various regional and federal government authorities will also be involved in development of Domodedovo Airport and will finance the building and reconstruction of the runways, the apron, as well as the highways and railways, which connect the airport with Moscow.
Dmitry Gorodetsky, head of the Domodedovo urban district, said: "The proximity of the airport encourages arrival of the world largest companies in the territory of the city, which ensures steady growth in tax revenues."
The amount of all taxes paid by the airport in 2010 was more than $230 million- including $65.5 million of income tax and $85 million of VAT.
