The Egyptian Airports Company has invited contractors to submit bids for work on the expansion of the Sharm el-Sheikh airport by 27 October.

It is understood that five companies have shown interest. The list of prequalified firms includes:

• Consolidated Contractors Company (CCC) (Athens-based)/ Acciona (Spain)
• Orascom Construction Industries (local)
• El-Nasr Building & Construction Company (EGYCO) (Local)
• Khalid ali al-Kharafi & Brothers (Kuwait)
• Hassan Allam Holding (Local)

The contract is expected to be awarded in the first quarter of 2016.

The local African Development Bank group is part financing the $671m project through a $140m loan, which was approved in April this year.

Once complete the new airport will provide capacity for 10 million passengers a year, bringing the total capacity to 18 million a year.

The expansion project is expected to take 44 months.

Sharm el-Sheikh airport has been Egypt’s fastest-growing facility and is Africa’s third-busiest airport, with an average of 10 per cent annual growth rate in traffic over the past decade, according to government statistics.

The bank’s contribution to the project represents 21 per cent of the total estimated cost. The project is co-financed with the Islamic Development Bank and the government.