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TAV Airports, a Türkiye-based global airport operator, has signed a renewed concession agreement with the government of Georgia to extend its operation of Tbilisi International Airport until the end of 2031, committing to invest approximately $150 million as part of the deal.
Under the deal, the company will expand the airport’s annual passenger capacity beyond 10 million, up from 5.4 million in 2025, with the project expected to be completed by 2028. The planned expansion will increase the terminal area from 37,500 to 57,000 square meters, adding infrastructure to support a doubling of passenger volume.
Enhancements will include five new passenger boarding bridges, two additional baggage belts, seven new aircraft parking spaces, 24 passport control counters, and 10 check-in desks. Parking capacity will also increase by 500 vehicles.
While the core fee structure remains intact, key financial terms have been revised. Under the updated model, the company will allocate 30% of passenger fee revenues as concession rent starting in 2027, replacing the previous obligation based on 10% of gross landing and ground handling revenue.
The agreement also includes a $25 million upfront payment, which will not be credited toward future obligations.
The company stated that dividend distributions to the holding entity are expected to continue without interruption, indicating that the revised terms are not expected to constrain cash flow or shareholder returns.
Speaking at the signing ceremony, Georgian Prime Minister Irakli Kobakhidze emphasized the airport’s strategic value, noting its contribution to economic development and the tourism sector. "This investment becomes even more relevant considering that Georgia welcomed a record number of visitors in 2025," he said. Kobakhidze added that the country's rapid economic growth is strengthening its position in both regional and global aviation.
Mariam Kvrivishvili, Georgia’s Minister of Economy and Sustainable Development, also attended the ceremony, alongside executives from civil aviation authorities and TAV Airports.
Commenting on the new investment, TAV Airports CEO Serkan Kaptan said, "Our operations in Georgia hold a special place in our history as the first step in becoming a global brand. We started with 540,000 passengers in 2005, and we’ve reached 5.4 million today."
Founded in 1997, TAV Airports operates 15 airports across Türkiye, North Macedonia, Georgia, Kazakhstan, Tunisia, Latvia, Saudi Arabia, and Croatia, serving 113 million passengers in 2025. In 2012, France’s ADP Group acquired a 38% stake in the company for $874 million and has held a 46.1% share since 2017.
Listed on Borsa Istanbul, the company reported revenues of ₺60.87 billion ($1.4 billion) and a net income of ₺4.02 billion for the first nine months of 2025.
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