Al Maktoum International Airport will become Dubai’s primary airport and home to Emirates Airline from 2025.
As part of a Dubai Government $3 billion airport finance deal announced on Tuesday, Dubai’s two international airports are set for a capacity-boosting expansion that will enable them to serve up to 146m passengers by 2025.
Already, Dubai International Airport (DXB) is the world’s largest international airport at 78 million passengers in 2015, with a 13 per cent average compound annual growth rate since 2000. The new Al Maktoum International Airport (DWC) is planned to become the primary airport for Dubai, as well as the home to Emirates Airline from 2025.
Chairman of Dubai’s Supreme Fiscal Committee Sheikh Ahmed bin Saeed Al Maktoum said: “Dubai remains firmly committed to the development of the Al Maktoum International Airport and to the growth of the global aviation sector, and this initial $3 billion transaction to support Dubai’s ambitious 2025 passenger capacity targets is testament to our belief.”
Abdulrahman Saleh Al Saleh, Director General of the Department of Finance for the Government of Dubai (DOF), added: “The planned expansion of both of the city’s airports is critically important, and our department is proud to play a vital role in their ongoing financing, just as we have with other similarly major projects.”
Under the proposed financing arrangement, coordinated by DOF, Investment Corporation of Dubai (ICD) and Dubai Aviation City Corporation (DACC), the three parties will work jointly to raise financing from various liquidity sources, both conventional and Islamic.
HSBC is acting as financial advisor.