Dubai to invest $7.8b in airport expansion

Dubai's plan to invest $7.8 billion (Dh28.8 billion) in expanding airspace and airport capacity at Dubai International Airport over a 10-year period was on Wednesday approved by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The plan will see Dubai International Airport expanding its capacity from the current 60 million passengers per year to 90 million by 2018, according to Dubai Airports, the operator of Dubai International and DWC-Al Maktoum International Airport. "By 2020, 98.5 million passengers and over four million tonnes of air freight will pass through our airports. The fleets and networks of Emirates and flydubai will grow considerably to accommodate traffic and capture market share," Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai Airports, said in a statement. "A firm commitment to our 2020 plan has now been made, which is very crucial for us to move ahead," Paul Griffiths, CEO of Dubai Airports, said. Article continues below He added that the expansion would see the aviation sector accounting for 22 per cent of Dubai's total employment and 32 per cent of the emirate's GDP by 2020. In order to further support the growth of Emirates, Griffiths said a fourth concourse will be developed at Dubai International Airport by 2015. The airport currently has two concourses, with the third one due to open in late 2012. The strategy includes expansion of airspace, airfield, aircraft stands and terminal areas at Dubai Airport over the remainder of the decade in order to optimise investment, deliver timely capacity and create a robust revenue stream, which will fund the development of Dubai World Central in the long term, according to Dubai Airports.