Realty major Emaar-MGF has entered into a memorandum of understanding with Dubai Aerospace Enterprise (DAE) Ltd to tap the burgeoning airport upgradation market in India. Together, the companies will explore potential areas of co-operation and identify and evaluate the design, construction, expansion, renovation, modernisation, commissioning, maintenance, operation, management and development of existing and new airports in India.
As per the DRHP filed by Emaar-MGF last week, the company says that it has identified the development of airports in India as a growth opportunity. “The government of India has already taken initiatives in setting up airport development projects, both greenfield and brownfield, through public and/or private partnerships, and has announced similar plans for many new cities. Such projects also allow development of necessary non-aeronautical commercial facilities, such as hotels, convention centres, retail and commercial/office spaces, in and around the airport. These opportunities would require us to tie up with specialists in airport development and operations. We have a memorandum of understanding with DAE to work together with DAE to explore potential areas of co-operation and to identify and evaluate the design, construction, expansion, renovation, modernisation, commissioning, maintenance, operation, management and development of existing and new airports in India with a view to furthering our respective strategic objectives in India,” it says.
DAE was established in Dubai in February 2006, and is building a global aerospace, manufacturing and services corporation. Based in Dubai, DAE is currently establishing subsidiaries in six key sectors spanning everything from research and development to manufacturing, maintenance, repair and overhaul, aircraft leasing and aerospace services.