Dubai: UK Export Finance to become first foreign investor in DWC expansion

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UK Export Finance has issued a $3.5 billion (Dh12.8 billion) expression of interest letter to Dubai World Central, making them the first foreign investor in the expansion of Al Maktoum International Airport (DWC).

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UK Minister for Trade Sir Chris Bryant presented the letter to Khalifa Al Zaffin, executive chairman of the Dubai Aviation City Corporation and Dubai Aviation Engineering Projects, and Dubai Airports CEO Paul Griffiths on Tuesday, on the second day of the ongoing Dubai Airshow.

By early 2030s, all operations at Dubai International (DXB) will be transferred to DWC, as the new passenger terminal will deliver the next 50 years of Dubai’s aviation growth.

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Developed at a cost of Dh128-billion, the initial phase of DWC will accommodate up to 150 million passengers annually, with long-term plans extending the airport’s capacity to 260 million passengers.

UK Export Finance noted “the project’s emphasis on innovation, sustainability and integrated transport systems will strengthen Dubai’s position as a global gateway for people, commerce and future mobility.”

Long-standing partnership

Bryant said “the expression of interest for up to $3.5 billion announced by UK Export Finance marks another significant milestone and reinforces the UK’s long-standing partnership with Dubai and its pioneering world-class infrastructure projects.

“Al Maktoum International Airport is set to redefine the future of global aviation, creating significant opportunities for British suppliers to showcase their cutting-edge capabilities,” he added.

Al Zaffin, for his part, assured: “Al Maktoum International Airport expansion is being delivered through a structured programme that integrates advanced engineering, resilient design and long-term planning.

“Our focus is on creating the infrastructure that will unlock the next stage of Dubai’s aviation growth, reinforcing our leadership’s vision to make Dubai the aviation capital of the world,” he continued.

Griffiths welcomed the investment and noted the airport expansion project “represents a once-in-a-generation opportunity to rethink how an airport should work and how the journey of the future should feel.”

“The long-term vision for Al Maktoum International Airport is clear and the support announced today strengthens our ability to realise it. This project will transform capacity, connect communities and deliver a new level of experience for hundreds of millions of travelers,” he added.

Meanwhile, also on Tuesday, Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Airline, announced Dubai’s flagship carrier will invest $10-12 billion (Dh36.7-Dh44 billion) in Al Maktoum International Airport.

Emirates will spend about $10 to $12 billion on top of many other stakeholders within the project. We need a catering facility, a lot of facility hangers,” he said.

Angel Tesorero

angel@khaleejtimes.com

Angel Tesorero is Assistant Editor and designated funny guy in the newsroom, but dead serious about writing on transport, labour migration, and environmental issues. He is a food lover too.