September 5, 2008
Cathay Pacific Begins Construction of Cargo Terminal at HKIA
Cathay Pacific Airways has begun the construction of its cargo terminal at the Hong Kong International Airport.
In March 2008, the airport authority had awarded Cathay Pacific's wholly owned subsidiary, Cathay Pacific Services, a franchise to invest in, design, construct and operate the new air cargo terminal at the Hong Kong International Airport (HKIA) under a 20-year agreement.Cathay Pacific will invest a total development cost of approximately HKD4.8 billion into the facility, which will occupy a site of around 10 hectares in the airport's cargo area. The new terminal will be completed by the second half of 2011 with a designed annual air cargo throughput capacity of 2.6 million tons.
Tony Tyler, CEO of Cathay Pacific, said: "Without a concerted effort to improve our capacity and our competitiveness, our hub would face serious challenges. The need for more capacity is clear and we will get that capacity when the Cathay Pacific Cargo Terminal begins operation."