Malta International Airport yesterday unveiled an ambitious $250 million project intended to create a hub for international trade and business.

The Mediterranean Business Park, as it will eventually be known, will comprise a four-star 80-bed airport hotel, exhibition halls, offices, shopping malls and an entertainment centre, among others.

MIA chairman Michael Hoeferer described the project as one of the most exciting projects for Malta.

Spanning an area of 140,000 square metres, the project is aimed towards foreign investment that has potential synergies with MIA's core airport operations.

MIA will be seeking expressions of interest from third parties to design, build, operate and transfer 80,000 square metres of the land for the proposed Mediterranean Business Park. The rest of the area will be embellished and the parking area transferred underground.

MIA will then assume responsibility to oversee, coordinate and facilitate the execution of the project. The areas will be given to developers for up to 55 years.

The park aims to increase MIA's business portfolio by incorporating other ventures, such as the cruise and fly concept. This means that plans are also in hand to extend the size of the terminal.

The MIA's head of marketing, Joseph Darmanin, said the centre would act as a catalyst for the setting up of foreign businesses in the region.

It will especially accentuate Malta's role as a bridge between Europe, Africa and the Arab world.

Mr Darmanin said the proposal had drawn a lot of interest from "big international corporations" during a recent presentation at the Cannes specialised fair.

He insisted that the project would not be in direct competition with projects such as that by Midi at Tignè since it is especially intended for businessmen.

An outline planning application of the project has been submitted to the Malta Environment and Planning Authority.