By Deena Kamel
Dubai hired HSBC Holdings Plc to help raise $3 billion to finance the expansion of its airports.
Dubai International Airport and Al Maktoum International Airport will grow to serve 146 million passengers by 2025, according to a statement on the website of the Dubai Media Office. The Dubai Department of Finance, the Investment Corp. of Dubai and Dubai Aviation City Corp. are working to raise Islamic and conventional financing.
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Dubai plans to develop Al Maktoum Airport into the world’s biggest hub with a capacity of about 220 million passengers and Emirates airlines plans to move to the facility in 2025. The master plan for the airport’s second phase has been approved and the detailed design work is under way, Dubai Airports Chief Executive Officer Paul Griffiths said. Dubai International, the world’s busiest airport by international traffic, is approaching maximum capacity and is facing space constraints.
Today’s announcement comes days after the U.K. government decided to expand London’s Heathrow airport following years of debate.