The JV is formed between South Korean firms Kumho Industrial and GS Engineering & Construction (Kumho-GS). Under the terms of the deal, the JV will improve the airport and plans to begin the design component by the third quarter of 2014, while the construction of civil works at the site are scheduled to commence by the fourth quarter.
Work under the project involves construction of a new passenger terminal building, cargo terminal building, apron, connecting taxiways, a new air navigation system and other support facilities.
Upon completion, the new airport is expected to have an annual capacity of approximately two million passengers, During construction of the airport, around 1,400 new jobs will be created.
Kumho-GS will take an estimated 30 months to complete the project, and the new airport is expected to be fully operational by early 2017.