Thursday, 27 February 2020
UAE's $36BN Mega Airport: Dubai's Al Maktoum International Airport Mega Project
Dubai is planning to spend $35.7 billion to develop its 2nd airport and logistics hub in the south of the city with the emirate likely to rely on debt funding for a significant part of the financing, according to two people with knowledge of the plan.
The economy of the United Arab Emirates (or UAE) is the 2nd largest in the Middle East (after Saudi Arabia), with a gross domestic product (GDP) of USD 414 billion (AED 1.52 trillion) in 2018.
More than 85% of the UAE's economy was based on the oil exports in 2009. While Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification, Dubai, which has far smaller oil reserves, was bolder in its diversification policy. In 2011, oil exports accounted for 77% of the UAE's state budget.
Tourism is one of the bigger non-oil sources of revenue in the UAE. Some of the world's most luxurious hotels are based in the UAE. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects. The UAE is a member of the World Trade Organization and OPEC.
Read more here:
Dubai's Al Maktoum International Airport Mega Project - UAE's 36 Bn Mega Airport
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Work on Dubai's Al Maktoum airport, designed to be one of the world's biggest with an annual capacity of more than 250 million passengers, is currently on hold.
ReplyDeleteRead more here:
https://www.bloomberg.com/news/articles/2019-08-29/dubai-halts-mega-airport-project-as-gulf-economies-stumble
Construction has been put on hold of Dubai's Al Maktoum airport as Dubai Airports review the facility's long-term masterplan. Construction activity has been halted and finances for expansion frozen until further notice.
ReplyDeletehttps://www.logisticsmiddleeast.com/business/33892-construction-work-on-al-maktoum-airport-reportedly-suspended
Dubai Airports see no return to pre-coronavirus levels before 18 months
Dubai Airport passenger traffic fell 20% in Q1
Airport busiest for international traffic in 2019
Emirates doesn't expect 'normality' before 18 months
Read more about it here:
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/051420-dubai-airports-sees-no-return-to-pre-coronavirus-levels-before-18-months-ceo