dubai mulls financing options for aviation growth
Last Updated : GMT 01:26:51
Arab Today, arab today
Arab Today, arab today

Dubai mulls financing options for aviation growth

Arab Today, arab today

Arab Today, arab today Dubai mulls financing options for aviation growth

Dubai - Arabstoday

Dubai is examining ways of raising finances to expand its aviation infrastructure, a plan focused on its existing airport as it goes slow on a $34bn new facility designed to become the biggest in the world. The emirate is in talks with external consultants to come up with a structure to access the financial market, Dubai Airports chief executive Paul Griffiths told Reuters in an interview. \"They are going to come up with a structure that will enable us to access the financial market in the most cost-effective way, which we\'ve not been able to do as a purely government-owned department,\" he said. Ambitions to become a preeminent traffic and cargo hub are at the centre of Dubai\'s growth plans as it recovers from a debt crisis that brought the Gulf emirate to its knees in 2009. Its existing airport serves over 50 million passengers a year, and the massive new Al Maktoum airport is designed to cater to 160 million as Dubai attempts to leverage its position at the crossroads of air corridors between continents. Griffiths, a former chief executive of Gatwick Airport, said that the world was a \"very challenging place\" at the moment to raise finances, but believed that Dubai Airports\' record on growth and its firm expansion plans would help. \"I\'d imagine we\'re in a fairly good place as a blue-chip utility if we were in a structure that would enable us direct access into the market.\" He declined to give details on the plans. \"All options are in consideration. Obviously, some options are a step, others are a giant leap,\" he said. Three sources told Reuters that Dubai plans to raise funds by selling debt based on future revenues at Dubai Duty Free, one of the world\'s largest airport retailers. The $8bn expansion will be focused almost entirely on the existing airport, Dubai International, as plans to deploy the gargantuan new facility have lost some of their urgency due to economic uncertainty and delays that have made moving top client Emirates airlines more difficult. The new Al Maktoum airport, part of the Dubai World Central logistics complex, was originally due to open for passenger traffic in March last year but testing is likely to continue to the middle or end of 2012. \"Hopefully by the middle or end of this year we hope to be able to declare it fit for purpose. But whether we actually start to put passenger operations through it is something we are still considering at the moment,\" said Griffiths, who has run Dubai Airports since 2007. \"While there is space still at Dubai International there clearly isn\'t a huge amount of interest in passenger operations at DWC and it\'s not something we\'re pushing hard at the moment because cargo is the big focus,\" he said. The authority doesn\'t expect any significant capacity at DWC until the middle of the next decade, he added. Griffiths said that the authority had altered its plans and decided to focus more on the existing airport because of tougher economic conditions. Also, he said, the original plan had been to create enough infrastructure at Dubai World Central to be able to move Emirates airlines in one go. With every passing delay, the new capacity required had increased, making it more difficult to achieve. \"We thought it would be better to push forward with a big expansion programme here which would meet their needs in a much more timely and cost effective manner, leaving the big push for DWC for a bit later, when there\'s more cash around and we\'re trading more profitably as a business,\" he said. \"You can\'t force airlines to do things that are not in their commercial interest - that\'s not the ethos on which Dubai built its aviation sector. If there\'s demand we will respond to demand ... there is no point in investing money in places where there is no demand,\" he said.

arabstoday
arabstoday

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*

dubai mulls financing options for aviation growth dubai mulls financing options for aviation growth

 



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*

dubai mulls financing options for aviation growth dubai mulls financing options for aviation growth

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Top Democrat faces investigation

GMT 09:50 2017 Friday ,17 November

Top Democrat faces investigation
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Angola oil boss sacked by father's protege

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 09:23 2017 Wednesday ,15 November

Years melt away as Bening & Bell play unlikely lovers

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 10:55 2017 Thursday ,16 November

UN warns fuel running out

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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