Ex­pan­sion plan for DWC

Emi­rates to move to DWC in $3bn plan

7 Days in Dubai - - FRONT PAGE - By 7DAYS News Team @7DAYSUAE news@7days.ae

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.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.