(BAGHDAD, IRAQ) Corporación América Airports S.A., in partnership with Amwaj International for Real-Estate Investments Co. Ltd., signed an award agreement with the Government of Iraq on November 5, 2025 to operate and develop Baghdad International Airport after a competitive international tender overseen by the International Finance Corporation. The CAAP consortium committed $764 million to expand and modernize Iraq’s busiest airport and to return 43.05% of annual airport revenue to the country’s central treasury, a higher share than a rival offer and one that Iraqi officials described as a standout result in fiscal terms.
The award agreement gives the parties 90 days, extendable by mutual consent, to negotiate and finalize a long-term Public-Private Partnership agreement that will set out the operational and financial framework for the concession. Iraqi officials have framed the deal as a step-change for the country’s aviation infrastructure, promising that the project will deliver immediate financial benefits while laying the groundwork for safer, more reliable, and higher-capacity air travel. The prime minister’s office said it
“delivers tangible financial returns while boosting Iraq’s global connectivity,”
characterizing it as “one of the best investment contracts since 2006 in terms of returns to the central treasury and transparency.”
At the heart of the deal is a major build-out of facilities at Baghdad International Airport, where the CAAP consortium says it will construct a modern passenger terminal with an initial capacity for 9 million travelers per year, expandable to 15 million as demand grows. The scope also includes upgrades to the runways, taxiways, and aircraft parking areas that handle daily operations; the installation of 15 passenger boarding bridges to speed turnarounds and improve accessibility; and a redesigned ground-side experience, with a multi‑storey car park intended to ease congestion and a revamp of the cargo terminal to support freight. The plan extends to safety and utilities, with upgrades to firefighting systems, water supply, and waste management. The consortium also agreed to cover training and professional development for airport staff, including the payment of salaries during the transition and ramp-up phases.
While the engineering and construction plan aims to lift capacity and service standards, the financial architecture drew particular attention in Baghdad because of the revenue share and the tender’s competitive nature. According to officials, the CAAP/Amwaj bid promised 43.05% of annual airport revenue to Iraq’s central treasury, compared with the ASYAD consortium’s 38.05% offer. That premium, combined with technical and commercial scores, led to the selection of CAAP and Amwaj from a field of 14 international consortiums that responded to a procurement process supervised by the IFC and Iraq’s Ministry of Transport. In an economy still rebuilding vital services, the project is designed to require no financial outlay from the Iraqi government during the concession period, a point Iraqi officials underscored as a fiscal safeguard.
Corporación América Airports, which manages more than 50 airports across six countries in Latin America and Europe and served 79 million passengers in 2024, cast the Baghdad project as a chance to bring its experience to a market with high demand for air travel and strong diaspora connections.
“We are honored to have been selected to contribute to Baghdad’s airport modernization efforts. Together with our partner Amwaj International, we are committed to developing world-class airport infrastructure that will enhance connectivity, promote economic growth, and create opportunities for local communities. We look forward to working closely with the Government of Iraq and our partners to deliver a world-class airport that supports the country’s long-term growth,”
said Martin Eurnekian, CEO of Corporación América Airports.
Amwaj International, CAAP’s Iraqi partner, described the award as a vote of confidence in the local private sector’s capacity to deliver large-scale projects to international standards.
“This milestone marks a proud moment for Iraq and a testament to the strength of our private sector. Signing this award agreement alongside our partner, Corporación América Airports, demonstrates Iraq’s growing capability and readiness to operate at world-class standards. Amwaj International remains committed to investing in the future of our country by developing infrastructure that reflects the spirit, resilience, and ambition of the Iraqi people. Baghdad International Airport will become a gateway that connects Iraq to the world and stands as a symbol of progress, excellence, and national pride,”
said Namir Al‑Ekabi, chairman of Amwaj International.
The government emphasized service quality and safety as core outcomes. The prime minister’s office said:
“This project will modernise Baghdad International Airport, elevate service levels and align operations with global safety and security standards.”
That focus on compliance and standards reflects the project’s use of an IFC‑supervised tender and the adoption of a PPP structure intended to tie operational performance to investment milestones. With Iraq seeking to re-establish itself as a reliable hub for regional and international carriers, officials say the modernization effort is critical for airlines weighing route decisions and for passengers who have long faced delays and limited amenities.
The CAAP consortium’s plan to add 15 passenger boarding bridges and upgrade airside infrastructure signals an effort to reduce bottlenecks at gates and on the tarmac, where aging equipment and limited pier capacity have historically slowed operations. Inside the terminal, the initial 9‑million‑passenger capacity—designed to expand to 15 million—aims to absorb rising demand without worsening congestion, while the multi‑storey car park is meant to improve access and safety for arrivals and departures. The revamped cargo terminal, meanwhile, is set to play a role in trade recovery by shortening turnaround times for freight and aligning cargo handling with international practices.
Job creation is an explicit part of the plan. The prime minister’s office has estimated the project will create about 1,000 new direct jobs for every million new passengers, a ratio that, if met as capacity increases, would send a visible signal into local labor markets. Training and professional development financed by the consortium are part of the package, suggesting that the transition will include upskilling existing personnel as well as hiring new staff across operations, security, customer service, and maintenance. The commitment to pay salaries during training is intended to minimize disruption and preserve institutional knowledge while introducing new systems.
The tender’s design and oversight were central to its credibility, Iraqi officials said. The procurement drew interest from 14 international consortiums, with bids evaluated across financial, commercial, and technical parameters. The CAAP/Amwaj submission scored highest overall, and officials highlighted the 43.05% revenue share as both a benchmark and a protective measure for public finances. With the IFC supervising the process and the Ministry of Transport managing government inputs, Baghdad aimed to position the deal as a transparent model for future PPPs. That message has resonance beyond the capital, as the government moves forward with tenders for Mosul International Airport and other transport projects meant to knit the country’s regions back into regional supply chains and travel networks.
The 90‑day negotiation window now opens a detailed phase where the parties map investment timelines, operational standards, and mechanisms to measure performance. For passengers, the headline changes—new terminal space, faster boarding, upgraded safety systems—are the outcomes that matter. For airlines, the upgrades to runways, taxiways, and parking stands are critical to scheduling and fleet planning, including the ability to handle larger aircraft or higher peak-hour movements. For the state, the revenue share and the absence of upfront fiscal outlays are central to the calculus of risk and reward. Iraqi officials have suggested that these features, combined with transparent oversight, are why they call this package one of the best in nearly two decades.
Beyond engineering and finance, the symbolism of the project is clear in the language used by Iraqi counterparts and the CAAP consortium. With Amwaj International’s chairman calling the deal a
“proud moment for Iraq,”
and the prime minister’s office framing the project as a way to
“elevate service levels,”
the narrative emphasizes both pride and practical gains. For a country seeking to increase its presence in global aviation, a modernized Baghdad International Airport can influence perceptions of safety, reliability, and ease of travel. It can also encourage the return of airlines that trimmed schedules in past years and support new routes that connect business hubs, religious tourism destinations, and diaspora communities.
Corporación América Airports brings scale to the effort. Managing more than 50 airports across six countries and handling 79 million passengers in 2024, the company is familiar with staged expansions, regulatory regimes, and the operational challenges of keeping facilities open during construction. The decision to anchor the project with an initial 9‑million‑passenger terminal and to build in an expandable design reflects a common approach in airport PPPs, where operators match capital outlays to demand while keeping future expansion possible without a full redesign. The addition of a new Civil Aviation Authority headquarters and a VIP terminal within the Baghdad plan indicates the government’s intention to concentrate aviation oversight and protocol functions on-site, potentially streamlining coordination between regulators and operators.
The financial commitments will be watched closely. The $764 million investment is intended to fund the terminal, airside works, utilities upgrades, bridges, parking, and cargo improvements, as well as workforce development. The 43.05% revenue share will test how quickly the airport’s earnings can grow as capacity and services improve. The rival bid’s 38.05% proposal serves as a comparative marker of what the market considered viable, but Iraqi officials selected the higher-return model tied to a plan they deemed stronger on technical and commercial grounds. The resulting PPP will be judged by how those numbers translate into on-time delivery and sustained operations without cost overruns or service lapses.
Within government, the Ministry of Transport is central to the next steps, from finalizing the PPP to monitoring compliance. The ministry’s role in the IFC‑supervised tender has already established a framework for oversight that can carry into contract management once the agreement is in force. For those tracking Iraq’s infrastructure pipeline, the model used at Baghdad could be replicated, with adjustments, for airports like Mosul and potentially other transport assets. That is part of why officials are pointing to the transparency and fiscal terms as features to repeat. Information on ministry programs and tenders is available via Iraq’s Ministry of Transport, which has highlighted aviation modernization among its priorities.
For travelers and airline workers, the most visible changes will roll out in phases. New boarding bridges can be installed and commissioned relatively quickly, while runway and taxiway upgrades typically occur in carefully sequenced works to keep flights operating. Terminal construction is the most complex, and the CAAP consortium’s plan to keep growth scalable suggests that some areas could open before all works are complete, allowing capacity to creep upward. The inclusion of waste, water, and firefighting upgrades acknowledges that reliability and safety depend on what passengers rarely see—systems that keep lights on, water flowing, and emergencies controlled.
The next three months will determine the shape of the final concession, but the headline terms are already shifting expectations for how public and private roles will be divided at Baghdad International Airport. By committing to fund the modernization without drawing on the state budget during the concession and by offering a high revenue share, the CAAP consortium set a bar that Iraqi officials say aligns with both fiscal constraints and ambitions to reconnect with global markets. Whether the model extends to other airports will depend on performance at Baghdad and on whether the promised jobs, training, and service levels materialize.
For now, officials and executives are sticking to the core messages that sold the deal.
“This project will modernise Baghdad International Airport, elevate service levels and align operations with global safety and security standards,”
the prime minister’s office said, underscoring the government’s focus on standards and service.
“We are honored to have been selected to contribute to Baghdad’s airport modernization efforts,”
said Martin Eurnekian, reiterating a pledge to
“deliver a world-class airport that supports the country’s long-term growth.”
And Namir Al‑Ekabi’s description of the airport as a future
“gateway that connects Iraq to the world”
captures the broader aim: to turn the capital’s airport into a symbol of competence and connection as much as an efficient place to catch a flight.
As the award agreement moves into the PPP drafting stage, stakeholders will be measuring progress in concrete terms: the first new bridge installed, the first section of taxiway resurfaced, the first tranche of staff enrolled in training. If the timelines hold and the money flows into the planned works, Baghdad International Airport could set a template for how Iraq engages private capital to deliver public infrastructure, balancing revenue, risk, and responsibility in a way that meets international standards while serving local needs.
This Article in a Nutshell
Corporación América Airports and Amwaj International signed an award agreement on November 5, 2025, to operate and modernize Baghdad International Airport following an IFC‑supervised tender. The consortium will invest $764 million and remit 43.05% of annual airport revenue to Iraq’s central treasury. Key works include a 9‑million‑passenger terminal expandable to 15 million, 15 boarding bridges, runway and cargo upgrades, and utilities and safety improvements. A 90‑day (extendable) window will finalize a long-term PPP. Officials emphasize job creation, training, fiscal returns, and enhanced global connectivity.
