Mubasher: United Projects Company for Aviation Services (UPAC) on Monday announced it has been awarded a bid to operate and develop the parking lot at Terminal 4 of Kuwait International Airport.
The company has signed a five-year term concession contract with Incheon International Airport, the operator of Terminal 4, on Sunday, 25 November, at a value of KWD 5.352 million, according to a bourse filing.
The contract has been signed under the operation and management agreement implemented with the Directorate General of Civil Aviation (DGCA), UPAC highlighted.
The Kuwait-listed firm added that revenue from the contract will be reflected on its financial statements during the course of the contract.
On Sunday, UPAC revealed that the Capital Markets Authority (CMA) approved to raise the company’s issued and paid-up capital to KWD 16.45 million from KWD 13.175 million.
