The Greek Court of Auditors has approved the award of a concession to construct and operate a new international airport on the island of Crete to Ariadne Airport Group, a consortium comprised of GEK Terna and GMR Infrastructure.

The approval enables the developers to commence construction of the airport, which will replace the existing Heraklion Airport, to commence construction this month. The construction period is estimated to last five years, with a total investment of EUR480 million (US$550 million).

However, the concession contract still awaits ratification by the Greek parliament. 

The new airport will be developed on a design, build, finance, operation and maintenance (DBFOM) basis, with a concession period of 35 years. It will feature a 3.2km runway.