GEK TERNA has assumed responsibility for the majority of major infrastructure projects in Crete. Notably, the company is executing the construction of the New Heraklion International Airport in Kastelli, whose budget has risen significantly from the original €520 million to approximately €800 million. In addition, GEK TERNA is undertaking the construction of the Chania–Heraklion section of the Northern Road Axis of Crete (VOAK), with a budget of approximately €1.8 billion, as well as the large irrigation PPP project in Lasithi, which includes the Agios Ioannis Dam and the Chochlakia Reservoir, budgeted at €75 million.
Progress on the New Heraklion International Airport
Construction progress at the New Heraklion International Airport has reached approximately 35%. Key milestones include the completion of earthworks, the main runway, portions of taxiways, and fuel facilities. Structural works at the Central Terminal Building are well underway, with the basement, ground floor, and arrivals level already completed. Concurrently, construction has begun on specialized systems within the terminal, along with work on the departures bridge.
Accompanying infrastructure includes two new road connections: an 18 km highway linking the airport to the VOAK and a 6 km road connecting to Arkalochori. The airport is scheduled for completion in 2027, significantly enhancing air connectivity for the island and boosting tourism by accommodating more direct international flights.
It is worth noting that the original concession agreement, ratified by the Hellenic Parliament in May 2019, awarded the project to the Ariadne Airport Group consortium (GEK TERNA & GMR Airports) with an initial estimated budget of €480–520 million. Over time, substantial adjustments have been made:
- €105–113 million for terminal expansion
- €130 million due to road realignments prompted by archaeological discoveries
- €80 million for expropriations and archaeological works
The Chania–Heraklion VOAK Project
The VOAK section from Chania to Heraklion is being developed as a modern motorway with two lanes per direction plus an emergency lane (LEA). It will feature 46 grade-separated interchanges, 15 tunnels totaling 14.5 km, and 40 bridges with a combined length of 8.67 km. The contracting process has been completed, with construction expected to commence in 2025 and an estimated completion horizon of 5 to 6 years. The project will significantly reduce travel time, improve road safety, and facilitate the transport of goods and agricultural products across Crete.
Lasithi Irrigation Project
The Lasithi irrigation project, with a total budget of €74.48 million (€55.9 million + VAT and €18.58 million from the Recovery and Resilience Fund), includes the construction of the Chochlakia Reservoir with a capacity of approximately 825,000 cubic meters, and the Agios Ioannis Dam, 52 meters high, with a capacity of approximately 1.7 million cubic meters. Through an extensive irrigation network, the project will serve approximately 13,500 stremmas (1,350 hectares) across two regions: Sitia and Ierapetra.
The project is scheduled to begin in 2025, with the Sitia section to be completed within 16–18 months, and full completion expected 42 months from contract signing. This initiative will ensure a reliable water supply, enhance drought resilience, and support local agricultural production.
Key Infrastructure Projects by AKTOR in Crete
AKTOR, either independently or through partnerships, plays a pivotal role in the execution of critical infrastructure projects across Crete. From expanding the island’s road network to addressing educational infrastructure needs, AKTOR's projects contribute to enhancing safety, promoting economic growth, and improving quality of life.
Road Projects
The group is participating in a consortium (including GEK TERNA) that is delivering the VOAK section from Hersonissos to Neapoli, with a budget of €280 million, and the Neapoli–Agios Nikolaos section, budgeted at €169 million.
The Hersonissos–Malia–Neapoli section, spanning 22.5 km, includes 5 grade-separated interchanges, 7 tunnels, multiple bridges, drainage and anti-flood works, lighting, and road safety systems. This project is currently in full development.
For the Neapoli–Agios Nikolaos section, the contract has already been signed, and initial worksites are being established. This project involves the upgrade and widening of the existing road into a dual carriageway with two lanes + emergency lane (LEA), over 14.5 km, featuring 3 to 4 interchanges, bridges, underpasses, cut & cover structures, slope stabilization, hydraulic works, and stream/channel reconfigurations.
University Student Housing PPP
AKTOR is also responsible for the construction of student residences in Heraklion and Rethymno. Signed approximately two months ago, this PPP project involves 36 months of construction and 30 years of operation and maintenance. The development includes two facilities with a total capacity of 4,846 beds (2,710 in Rethymno and 2,136 in Heraklion) and a total built-up area exceeding 100,000 m².
