WORLD NEWS | MEAP to account for 58% of global air passenger demand by 2040

DUBAI, March 27 (AP) — The Middle East and Asia-Pacific (MEAP) region has transformed into a major international hub and is expected to account for 58 percent of global air passenger demand by 2040, organizers of the airport show are quoted here Recent surveys show.

Growth momentum in the airport industry will continue as new airports are built and existing facilities expanded and upgraded to meet future passenger demand, according to a statement released on Monday.

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With more than 110 airports, it is already one of the fastest growing in the world, accounting for 170 million global traffic, it said.

The 22nd edition of the Airport Show in Dubai from 9-11 May will bring together more than 200 aviation brands and 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.

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CAPA – Center for Aviation – figures show there are 425 major construction projects at existing airports, with a total global commitment of $450.7 billion in spending. These included 225 new airport projects and 1,074 airport investor numbers, including 258 airport operator groups or consortia.

“Its database lists the total number of airport projects by region, with investments including 155 in the Middle East worth $209.4 billion,” the statement said.

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.

“A combined US$2.4 trillion in investment in airports in the Middle East and Asia-Pacific region is required by 2040 to accommodate this growth,” said Airports Council International.

ACI predicts that nearly 19.7 billion passengers are expected to pass through airports worldwide by 2040, with Middle Eastern airports set to handle 1.1 billion passengers by 2040, a sharp increase from 405 million in 2019.

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)