UK Export Finance (UKEF), the government-backed export credit agency, has pledged USD3.5bn to facilitate UK business involvement in the USD35bn expansion of Dubai World Central – Al Maktoum International Airport (DWC).
The “expression of interest” letter was unveiled at the Dubai Airshow, reflecting international confidence in Dubai’s long-term aviation ambitions, according to the UAE’s state news agency, Wam.
Emirates chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum announced on Tuesday that the airline intends to invest between USD10bn and USD12bn in Dubai’s upcoming airport project.
He noted that the airline will fund its share of the development through a mix of cash reserves and new borrowing, adding that an IPO is not currently being considered.
The initial phase of Al Maktoum International comprises a central passenger terminal and four concourses, aimed at boosting annual capacity to 150 million passengers.
Once complete, the new airport will be five times larger than Dubai International Airport, covering 70 square kilometres and designed to accommodate 260 million passengers and 12 million tonnes of cargo each year.
