Summa Group is an international construction contractor that is diversifying into the long-term sustainable business of operating airports and running hospitality facilities.
In 2017, Summa signed its first concession agreement to build and operate Blaise Diagne International Airport in Dakar (Senegal) in partnership with Limak (a Turkish construction company with airport management expertise). Summa and Limak hold 33% interests each in the airport’s operating company, with the remaining 33% owned by AIDB (a Senegal government entity). This project helped the company to increase its recognition in the airport segment, paving the way for BOT projects in Niger and Sudan, where Summa has assumed the role of both investor and general contractor. We expect long-term concession agreements to allow the company to recover its investments and help raise sufficient debt to finance construction works.
Sudan – US$900mn (EUR738m)–Khartoum International Airport. Phase I of Khartoum International Airport, a greenfield project in Sudan, is the most demanding in terms of required financial resources. Total investment of US$900mn (EUR738mn) will include a US$365mn (EUR299mn) capital injection from the Sudan authorities, a US$135mn equity contribution from Summa and a further US$400mn of external funding, which could be structured on project finance terms. Construction of the airport will take four years and Summa will operate the airport for 25 years under the terms of the concession agreement. Summa is entitled to a US$41 infrastructure development charge per departing international passenger until 2024 and US$35 thereafter.
Niger – EUR154mn–Diori Hamani International Airport. Modernisation of the international airport in Niamey, Niger, is the first full -cycle build-operate-transfer project for Summa, a EUR154mn investment, which it funded with a combination of debt (EUR100mn) and equity (EUR54mn). Under the terms of a 30-year concession agreement, Summa is entitled to a EUR52 infrastructure development charge per departing international passenger collected directly from IATA – the trade association for the world’s airlines