ME to invest $119bn in airport expansion
Dubai , October 20, 2011
The Middle East region is set to invest a whopping Dh437 billion ($119 billion) into airport expansion projects in the next five years, said an expert ahead of a major aviation trade expo in Dubai.
The UAE airports have already announced billions of dollars worth of investments in airport expansion and improvement programmes, revealed Mohamad Bader-Eddin, show director at Reed Exhibitions Middle East, while speaking at the Inter Airport Europe Fair in Munich.
Bader-Eddin was in Munich to promote the 12th edition of the Dubai Airport Show to be held from May 22 to 24, 2012.
On the UAE projects, he said Dubai Airports has already announced plans to pump in Dh28.4 billion to implement the fourth phase of Dubai Airport expansion and increase the airport's capacity to over 90 million passengers annually to meet the future growth needs.
'Abu Dhabi Airports Company (ADAC) has announced investments to the tune of Dh24.8 billion to improve the Abu Dhabi airport and the capacity to 40 million passengers a year. The completion of the project is expected to be in 2015-2016,' said Bader-Eddin, citing data.
Similarly, Sharjah plans to spend Dh500 million, while Fujairah will pump in Dh160 million to boost airport facilities and expansions, he added.
On the regional front, Bader-Eddin said Saudi had signed a deal to invest approximately Dh27 billion on the new airport project.
In Oman, the Muscat and Salalah airports are being developed at a total cost of Dh1.2 billion to handle 48 to 10 million passengers, annually.
Facing increase in cargo and passenger movements, Kuwait has put in a total of Dh172 million in airport expansion programme, while Qatar is aiming to boost to its aerospace sector at a cost of Dh4 billion.
Meanwhile, governments in the Middle East are expected to spend a total of nearly Dh331 billion, including Dh86 billion in the GCC states, in the next few years, Bader-Eddin stated.
An additional Dh106billion in various segments of this sector is under the consideration of industry experts in Middle East, he added.
On the Munich show participation, Bader-Eddin said, 'It turned out to be very successful for the Reed as we signed a number of deals with international exhibitors and European companies who were excited about offering their latest technology and services for the expansion programmes of regional airports.'
'We informed industry gurus of the upcoming Airport Show in Dubai and highlighted the thriving growth opportunities in the aerospace sector in the Middle East, thus making it the destination of choice.'
'As the global crises set in a few years back, the airport industry went into a deep depression. However, we realised that the industry is catching up and has a positive prospects,” he added.-TradeArabia News Service