Expansion plan for DWC
Emirates to move to DWC in $3bn plan
Al Maktoum International will become Dubai’s primary airport and home to Emirates Airline from 2025, it has been officially confirmed.
As part of a Dubai Government $3 billion airport finance deal announced yesterday, Dubai’s two international airports are set for a capacity-boosting expansion that will enable them to serve up to 146 million passengers by the year 2025.
Already, Dubai International Airport (DXB) is the world’s largest airport for international passengers handling 78 million in 2015, with a 13 per cent average compound annual growth rate since 2000. The new Al Maktoum Inter national Airport (DWC) is planned to become the primary airport for Dubai, as well as the home to carrier Emirates Airline.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai’s Supreme Fiscal Committee 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.