The roles of the Holding for supervision of the airport and traffic promotion are already established and will require relatively little change to continue to function. In contrast, the area development function has not yet taken off, but will require a substantial change in order to realize the scale development that is envisioned.
Development of economic areas such as the Airport City area in fact consists of three distinct activities.
• Acquisition consists primarily in getting the word out about the possibilities, identifying potential prospects and closing deals with these prospects. They are the “business generators” of the area yet to be developed. To date, the Holding’s efforts with regard to area development have focused on acquisition. During the acquisition phase, it may be decided to provide seed capital or co-invest in selected ventures.
• Project management and Development entails the actual development and construction of the area. This consists in part of projects “under own management” such as infrastructure and necessary facilities. It also includes the support of third-party developers as well as coordination and supervision of their activities during the development and construction phases. This section assists in realizing the development efforts by the parties that have been signed up by the acquisition unit. During development, this unit complies with the provisions of negotiated joint ventures.
• Management of the area entails everything that the landlord needs to do to run the area, including collecting rent and fees, maintenance, telecommunications, security, and manage the provisions of potential joint ventures.