This project serves as a flagship model for Sirius Development's philosophy of the "Responsible Entrepreneur". Rather than simply constructing a facility and leaving, Sirius established a Public-Private Partnership (PPP) to manage the asset's lifecycle. The project encompasses both the operational management of the aviation facility and the commercial development of the surrounding precinct, ensuring the airport drives broader economic growth for the region.
Project Details
Strategic Ownership: Sirius holds a 41% stake in the Richards Bay Airports Company.
Dual-Phase Concession: The deal includes a 5-year concession for airport operations and maintenance, alongside a 25-year right to develop the surrounding industrial land.
Social Equity: 20% of profits from the project are committed to local community upliftment programmes, determined jointly with Local Authorities.
Land Development: The concession grants Sirius the rights to develop 144 hectares of industrial land around the airport, allowing the company to derive long-term benefit from the asset while facilitating industrial expansion.
Affirmative Procurement: Sirius utilised this concession to implement affirmative procurement, outsourcing facilities management services to SMMEs owned and staffed by historically disadvantaged individuals.
Integrated Strategy: The project aligns with integrated local economic development strategies, ensuring that the wealth unlocked by the airport cascades to the "lowest levels of society".
