$36 billion makeover hits snag
Dubai’s second airport, Al Maktoum International, has suffered setbacks regarding its expansion to handle 120 million passengers a year by 2025, according to reports.
Al Maktoum International has aims to become one of the world’s leading airports, however with Dubai International Airport in close vicinity, the airport has big competition.
The Al Maktoum Airport’s reconfiguration is estimated to cost around US$36 million, some of which has been secured by loan facilities, with speculation arising around the security of such loans.
While Reuters quotes one source as stating a key loan has yet to be used, it has reported that a second stage of financing, which was to be backed by foreign credit agencies, has been delayed.
The intention behind Al Maktoum has been to wrestle some of the traffic away from Dubai International and become the region’s leading airport, a title which is currently held by Dubai International as the GCC’s busiest airport.
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