Riga International Airport has plans to invest more than EUR 247 million into development by the year 2027, reach a number of nine million passengers serviced, as well as issue bonds, according to the airport’s new strategy Runway 2027, as reported by the airport’s representatives.
The airport has reviewed and outlined its goals, vision and mission. New transport forecasts, corporate management and sustainable operation principles, development plans and projects are listed in the new strategy, as well as an investment plan and financial indexes to be reached by 2027.
The new strategy provides for reaching a number of nine million serviced passengers and 48 500 tonnes of freight annually by the year 2027, as well as improve flight departure punctuality.
The airport’s turnover is planned at EUR 77 million for 2027. The total investments for the strategy’s operational period will exceed EUR 247 million.
At the same time, it is planned to implement green goals by reducing carbon dioxide emissions.
Riga International Airport’s chairman of the board Laila Odiņa notes that the indexes of the last pre-pandemic years affirm the airport’s stable and undisputed leading positions in Baltic States.
She stresses that it is thanks to successful infrastructure development, Latvian national airBaltic airline’s growth, competitive tariff policy and advantages of the country’s geographical location, Riga International Airport has positioned itself as a regional air traffic hub in Northern Europe.
The airport’s representatives explain this ambitious goal can be reached by strengthening and increasing direct connectivity from Riga, maintaining a large number of transit passengers, offering passengers modern services and a high service quality, making processes more efficient, introducing innovations and promoting the development of the aviation industry, retaining and attracting professional specialists. This can be accomplished by developing RIX Airport Training Academy, which provides consultations and full spectrum training for different professions at the airport.
The Runway 2027 strategy’s investment plan for long-term investment priorities includes the allocation of EUR 155 million to expand the passenger terminal. This includes financing for the adoption of an automatic luggage-sorting system, as well as financing for the construction of roads, viaduct and parking lots. EUR 58 million is planned for the development of aerodrome infrastructure, which includes reconstruction and restoration of aircraft ramps and taxiways, as well as replacement of aerodrome service vehicles, runway lighting replacement with LED lighting systems.
The airport’s board member Normunds Feiebergs explains the airport’s development plans and necessary investments are based on international outlooks for the recovery of the aviation industry after the Covid-19 pandemic, the region’s market analysis and Riga airport’s potential and advantages, as well as careful and realistic estimates with multiple scenarios and financing attraction options. Considering the substantial investment volumes in the coming years, Riga airport plans to invest EU financing for its projects, use money from credit institutions and issue bonds.
The airport’s future strategy also provides for the development of the airport city concept, which offers not only aviation services but also ecosystems for businesses, excellent connectivity and new opportunities for residents and development of businesses not directly related to the aviation industry.
Riga airport’s future city centre will include a new passenger terminal with a capacity of up to 12 million passengers a year. It will be connected with Rail Baltica railway station, forming a single and multi-modal transport hub. RIX Airport City will include hotels, office centres, logistical, aviation freight and e-commerce warehouses, thereby creating development opportunities for all kinds of business activities, as well as new jobs.
The airport’s board member Artūrs Saveļjevs notes that it is also planned to develop the airport city as a multi-modal transport and logistical centre that combines different forms of transport and offers an environment for business development. «By providing a diverse range of services, employment, knowledge exchange and leisure opportunities for travellers and local residents, Riga airport will become a self-sufficient destination,» he stresses.
The airport’s strategy Runway 2027 provides for implementation of sustainable development activities to ensure long-term business accomplishments, strategic goals are accomplished with responsible and balanced action in all development aspects – climate change, efficient use of resources, environment and nature protection goals, the airport’s economic influence, employment, transparent management, involvement of local communities and noise reduction.
By joining the Airports Council International, ACI, Airport Carbon Accreditation, ACA, and Net Zero 2050 initiative, the airport has set a green course and specific climate goals, with commitment to becoming a climate neutral airport by 2050. To accomplish this goal, the airport and its partners will look for environment and climate-friendly solutions, develop technologies and adopt innovations, as provided by the airport’s strategy.
Riga Airport to invest EUR 247 million and issue bonds by 2027
