Dubai sponsors massive financing deal to expand capacity of its two airports
Currently, Dubai International Airport (DXB) is the largest international airport in the world. However, the new Al International Airport Maktoum (DWC) is expected to become the main airport in Dubai, as well as headquarters for Emirates airline in 2025.
"Dubai remains firmly committed to the development of Al Maktoum International Airport and the growth of the global aviation industry, and this initial transaction of $3 billion to support the ambitious goal of passenger capacity by 2025 is a testament to our conviction," Ahmed Al Maktoum, president for the Supreme Fiscal Committee of Dubai, said.
The Department of Finance, the Investment Corporation of Dubai and the Corporation of the City of Aviation Dubai will work together to obtain funding from various sources.
"In line with the vision of Dubai to maintain its status as one of the most important cultural and commercial centers worldwide, the expansion plan of the two airports in the city is critical, and our department is proud to play a role fundamental in its financing, as has happened with other projects of similar size," Abdulrahman Al Saleh, director general at the Department of Finance for the government of Dubai, said.