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FINANCIAL NEWS
Dubai to invest USD8b to expand its main airport
07 Jul 2011
(MENAFN) Dubai Airports’ chief executive, Paul Griffiths, said that since Dubai planned to overtake Hong Kong, London and Paris in becoming the world’s busiest international hub by 2015, the emirate would invest USD8 billion to expand Dubai International Airport, reported The National.
Griffiths added that the operations would include the construction of a fourth concourse by Terminal 1 and the expansion of Terminal 2, where the airport’s capacity would be forecasted to grow to 90 million passengers by 2018 from the current 60 million.
He also said that the forecasted USD7.8 billion profits that would be generated from the expanded facilities would be used in financing the development of the Dubai World Central airport in Jebel Ali.
It is worth noting that by the year 2020, the aviation sector in Dubai is forecasted to create 373,000 job opportunities and to contribute to the economy by USD45.4 billion which is equivalent to 22 percent of Dubai’s employment and 32 percent of its gross domestic product (GDP).
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