Dubai airports receive $3 billion in initial funding
Officials project the airports will serve 146 million passengers by 2025, made possible in part by $3 billion in initial funding.
“Dubai remains firmly committed to the development of Al Maktoum International Airport and the growth of the global aviation industry,” Ahmed Al Maktoum, chairman of the Supreme Fiscal Committee of Dubai, said. “The initial funding to support the ambitious goals of passenger capacity by 2025, amounting to $3 billion, is a testament to our belief.”
The Dubai International Airport (DXB) served 78 million flyers in 2015 and is noted as the largest international airport in the world. DXB has reported a yearly compound growth of 13 percent since 2000. Over the next decade, it is expected that Al Maktoum International Airport (DWC) will become the major airport in Dubai and serve as the Emirates Airline headquarters.
“In line with the vision of Dubai to maintain its status as one of the cultural and commercial centers more important in the world, the planned expansion of the two airports of the city is fundamentally important,” Abdulrahman Al Saleh, general director of the Department of Finance of the Government of Dubai (dOF), said. “And our department will carry with pride, an essential role in your scheduled financing, as we operate in other similar large projects.”
HSBC will act as the financial advisor in the agreement. The financial agreement was coordinated by DOF, the Investment Corporation of Dubai (ICD) and Dubai Aviation City Corporation (DACC), which will all work together to develop funding from different conventional and Islamic sources.