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Saturday, June 3, 2023

ME airport ‘requires $151 billion investment in capacity expansion’

According to Airports Council International (ACI), airports in the Middle East will need to invest $151 billion in capacity expansion as global air passenger demand is expected to more than triple by 2040.

“This will require a combined US$2.4 trillion in investments in airports in the Middle East and Asia Pacific by 2040 to accommodate this growth,” ACI said.

By 2040, the Middle East and Asia Pacific are expected to account for 58% of global air passenger demand.

ACI predicts that airports around the world will handle nearly 19.7 billion passengers by 2040, and airports in the Middle East will handle 1.1 billion passengers by 2040, a sharp increase from 405 million in 2019.

CAPA – Center for Aviation, one of the world’s most trusted sources of aviation market intelligence, says there are 425 major construction projects at existing airports with a total global commitment of $450.7 billion, each in various stages of development, from preparation to Towards the end, 225 new airport projects were added, and the number of airport investors surged to 1,074, including 258 airport operator groups or consortiums. Its database lists the total number of airport projects by region, with investments including 155 in the Middle East worth $209.4 billion.

Located at the strategic crossroads of major economies in Asia, Africa and Europe, the Middle East region has transformed into a major international hub and continues to be an inspiring growth story. With more than 110 airports, this is already one of the fastest growing airports in the world, accounting for 170 million global traffic.

With new airports emerging and existing facilities expanded and upgraded to meet the needs of future passengers, industry players will be discussing the huge investment in re-orbit at the Dubai Airports Show from May 9-11.

The 22nd edition of the world’s largest annual airport industry B2B platform will connect more than 200 aviation brands and more than 100 buyers from more than 30 airports and aviation authorities in 20 countries. The Global Airport Leaders Forum (GALF) was also held during the airport show.
The high-profile global platform will welcome more than 4,500 visitors with confirmed exhibitors from the US, Italy, France, Germany, Denmark, Turkey, the Netherlands, China, Belgium, South Korea, Sweden and the UAE.

May Ismail, event manager for organizer Reed Exhibitions, said the Airport Show-2023 will showcase almost everything an airport needs to showcase. The 2022 show has more than 4,200 attendees from 71 countries and more than 160 exhibitors from 23 countries, as well as more than 100 buyers from 35 companies in 23 countries and five country pavilions . This release is sure to break those records as the aviation industry returns to glory.

According to GlobalData, the total value of new airport construction projects is US$1.64 trillion, the global fleet is expected to reach 36,500 aircraft by 2031, and the global airport construction market size has been revised to US$1.4 trillion by 2026. Several countries are developing airports at a breakneck pace.

India, the world’s third largest civil aviation market, plans to increase the number of operating airports from the current 141 to 220 by 2027. China’s most populous neighbor is expanding and will have more than 30 civilian airports by 2025 with a target capacity of 2 billion passengers. Indonesia, Vietnam and the Philippines are racing to catch up with new airport developments.

Turkey’s TAV will continue to invest in Almaty and Antalya airports in 2023, and invest $200 million in a new terminal and other facilities in Almaty, doubling capacity to 60 million. TAV will start investing in Esenboga Airport in Ankara, the capital of Turkey. Oman Airports has signed a memorandum of understanding to develop Kilimanjaro Airport, an ambitious plan to develop a southern African hub in Harare, Zimbabwe.

In the UAE, the expansion of the new Sharjah International Airport is expected to cost US$517 million and be completed by the fourth quarter of 2024. The work involves building a new passenger terminal and supporting infrastructure to increase its capacity to accommodate 20 million passengers by 2023. It was earlier reported that the Arab world’s most dynamic economy plans to invest more than $23 billion in airport development and expansion projects this decade.

The expansion project of Passenger Terminal 2 of Kuwait Airport cost 4.36 billion US dollars, which will increase the annual passenger throughput of the airport to 13 million passengers per year, which can be flexibly increased to 25 million and 50 million passengers in the future. The project is expected to be fully completed by 2025 as the project aims to be the world’s first LEED Gold certified passenger terminal.

In Qatar, the expansion of the passenger terminal at Hamad International Airport Phase 2B and the expansion of Concourses D and E in Doha will begin this year, increasing passenger traffic to more than 60 million passengers per year.

Due for completion in 2023, the new cargo terminal will have a new 3-storey facility and a building footprint of 85,000 square meters. Oman’s Musandam Airport cost US$250 million and is expected to be completed by the fourth quarter of 2026. Work includes construction of two runways and a passenger terminal with a capacity for 250,000 passengers per year. In Egypt, plans to build Terminal 4 at Cairo International Airport are advancing.

Saudi Arabia is building one of the world’s largest airports, which will have six parallel runways. The airport will handle 120 million annual passengers by 2030 and 185 million by 2050. Saudi Arabia is undertaking a massive airport expansion and upgrade program to serve 330 million passengers by 2030 through a $147 billion investment.

Red Sea International Airport will open in late December 2023. King Salman International Airport aims to accommodate up to 185 million passengers and handle 3.5 million tons of cargo by 2050. Jeddah Airport City at King Abdulaziz International Airport (KAIA) is taking centralized development to the next level. When completed in 2028, its expansion could boost passenger capacity to 114 million passengers a year after 2035. The total investment is estimated at $4.5 billion. It will be the first airport city development in Saudi Arabia in line with Vision 2030. – trade arab news agency

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