Arab Today, arab today duty free seeks additional funds
Last Updated : GMT 03:32:11
Arab Today, arab today
Arab Today, arab today

Duty Free seeks additional funds

Arab Today, arab today

Arab Today, arab today Duty Free seeks additional funds

Abu Dhabi - Arabstoday

Dubai Duty Free (DDF) along with Investment Corporation of Dubai (ICD), aims to raise $1.5 billion in loans to fund the Dubai airport expansion, up from the $1.1 billion originally sought following strong interest from banks. Speaking on the sidelines of the Airport Show yesterday, Colm McLoughlin, DDF executive vice-chairman, added that the airport retailer is expected to finalise the deal in a couple of weeks. DDF is fully owned by ICD, the main investment arm of Dubai government. The move is in line with the aggressive expansion planned by the Dubai International Airport.The airport\'s management body, Dubai Airports, announced, in its Strategy Plan 2020, investments worth over Dh28.4 billion into expanding Dubai\'s airport, thereby increasing its capacity to over 90 million passengers annually to meet the future growth needs. The current capacity of Dubai airport is 60 million passengers with 56 million passengers expected by year-end. Rising numbers \"When Concourse 3 opens in January next year, the capacity will reach 72 million passengers and when C4 opens leading up to 2020, the capacity will be 95 million,\" McLoughlin said. Commenting on how Dubai Airports expected to fund the future growth of Dubai airport, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, said: \"We will do our financing on that. The project is over a four-year period. So we are doing that at the moment.\" Asked if bonds or sukuk were an option in the raising of finance, Shaikh Ahmad said it\'s \"one of the options\" being considered. \"We are in the process of deciding on the options. When we finish, we will announce.\" The UAE airports together, meanwhile, have announced billions of dollars\' worth of investments in airport expansion and improvement programmes. Abu Dhabi Airports Company (Adac) earlier announced investments to the tune of Dh24.8 billion to expand the Abu Dhabi airport, taking the capacity up to 40 million passengers a year, with the project due to be completed in 2015-2016. Similarly, Sharjah intends to reportedly spend Dh500 million in expanding its airport and Fujairah Dh160 million. Quoting a report by global consulting firm, Frost & Sullivan, the Airport Show\'s organisers said in a statement that \"$86 billion (Dh315.8 billion) will be spent by Middle East airports in expansion plans until 2025\".

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today duty free seeks additional funds Arab Today, arab today duty free seeks additional funds

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday