Latest news with #Dh128-billion
Gulf Insider
30-04-2025
- Business
- Gulf Insider
Dubai Starts Awarding Contracts for Al Maktoum International
Al Maktoum International Airport Dubai has started awarding contracts for Al Maktoum International – which will be the world's largest airport upon completion. 'We did assign contracts and work has really started since His Highness gave the go-ahead over a year ago,' said Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai, approved the airport with a final capacity of 260 million. All operations at Dubai International (DXB) will be transferred to Dh128-billion Al Maktoum International (DWC) which will 'fully absorb' DXB's operations in 10 years. 'DXB will continue to serve as the primary hub to meet the needs of 100 million plus guests', the operator of both airports said in a previous press release. 'When we talk about airports of that size, we have to think about how complex that can be. In Dubai, we have been engaging with teams of our two local airlines, airports and dnata and also other airlines that operate here and putting together the plan that lets us make it perfect on the day of the opening. That will, of course, take an extensive programme ahead of the opening date,' said Sheikh Ahmed. 'Just because of the size (of the airport), on the training side, opening for that day, maybe we need about 12 months,' he said, adding that even for the existing terminals, it took around 3-4 months preparations for opening day. 'Because we don't want to see any hiccups on that day.' In an interview with selected local media outlets on Tuesday, Sheikh Ahmed said 2024-25 will be 'another record year' for Emirates Group in terms of numbers. Emirates Group reported its best-ever financial performance with a record profit of Dh18.7 billion last year, up 71 per cent from last year. The group revenue increased 15 per cent to a new high of Dh137.3 billion, driven by strong customer demand across its businesses. It ended 2023-24 highest-ever cash balance of Dh47.1 billion. 'We are very satisfied when it comes to our cash reserves on the airline side,' he said. He noted that the airline also did very well when it comes to hedging fuel. On the retrofitting of the aircraft, he said that the world's largest international carrier is refitting 90 per cent of its fleet. 'We have 261 aircraft, we have over 300 as a new order coming to the team,' he said, hinting that the airline may place an order for more aircraft at the upcoming Dubai Airshow later this year. 'There will be some new announcements at the Dubai Airshow. We are thinking along those lines,' he said. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group during the press conference at Emirates Pavillion during the second day of the Arabian Travel Market at Dubai World Trade Centre on April 29, 2025. Photo: Muhammad Sajjad In reply to a question about the impact of the global tariff row, Sheikh Ahmed said it is a 'bit early for me to prejudge as we speak today. But I always remain very optimistic. I don't think it affects business. Business is as usual.' He said that some companies and countries are shipping cargo from one place to another due to tariff issues. 'I think sometimes it could be because of a proactive approach by them in a way before things happen. There is nothing wrong with that, not to wait after things happen. I remain optimistic things will be clear and it will be a good 2025.' Emirates chief said the airline is doing 'very well in terms of traffic and seat factor on every point on the whole network. People want to fly. I didn't see any shift in terms of decline in number of people as of today.' While talking about the impact of geopolitical tension, Sheikh Ahmed said airlines are quick and are used to 'quick reaction.' 'The world would never be free from issues that we will always need to be alert all the time. We're seeing this lately within the region and Europe. You have to deal with it,' he added. Also read: Dubai Gold Price Drops – Again – Ahead of April 30's 'Akshaya Trithiya'
Hi Dubai
10-02-2025
- Business
- Hi Dubai
Dubai's 'Airport City' Anticipates Population Surge as New Airport Terminal Nears Completion
Dubai South is preparing for a significant population increase over the next two to three years, fueled by the development of the new Dh128-billion passenger terminal at Dubai World Central (DWC), Al Maktoum International Airport. Currently home to around 25,000 residents, the district expects to house over one million people once the terminal opens. The new airport will absorb operations from Dubai's existing airport over the next decade, contributing to Dubai's vision of an aerotropolis. This growth aligns with Dubai South's status as one of the top five areas for new developments in the emirate. According to Nabil Al Kindi, CEO of Dubai South Properties, the announcement of the terminal has intensified demand for properties in the area, with job opportunities expected to drive further demand. Dubai South, spanning 145 sq km, is the city's largest master development, focusing on aviation and logistics. It promises up to 500,000 job opportunities, supported by a multi-modal transport network. Al Kindi views the airport's completion as a catalyst for increased employment and new developments, including properties, offices, retail spaces, and social infrastructure. Recent projects such as The Pulse Apartments, The Pulse Villas, and South Living have already sold out, with new phases underway. Phase 1 of The Pulse Beachfront, with 288 units, was completed recently, and 500 additional units will be delivered by mid-2025. Construction is also underway for the South Living project, which has been sold out. An agreement with BT Properties will bring a gated community to the Golf District. News Source: Khaleej Times
Khaleej Times
10-02-2025
- Business
- Khaleej Times
Dubai's 'airport city' to create thousands of jobs as new passenger terminal takes shape
Dubai South developers anticipate a surge in population over the next 'two to three years' as the Emirate's new airport terminal takes shape, a top official has said. Currently home to around 25,000 residents, the residential district of the master development will house over one million people expected to move to the area once the airport opens. The Dh128-billion passenger terminal at Dubai World Central – Al Maktoum International (DWC) will 'fully absorb' the current Dubai airport's operation over the next decade. Dubai is building an aerotropolis — an airport city — to cater to this demand. As reported by Khaleej Times, Dubai South is already among the top five areas in demand for new developments across the emirate. 'The announcement of the new passenger terminal at Al Maktoum International Airport last year has further amplified demand for properties in Dubai South,' Nabil Al Kindi, CEO of Dubai South Properties, told Khaleej Times. 'As more job opportunities will be created in the area, consequently, there will be more demand for properties in Dubai South. We expect this momentum to sustain with early investors expected to benefit the most.' Stay up to date with the latest news. Follow KT on WhatsApp Channels. The 145 sq km master development is Dubai's largest, focusing on the aviation and logistics sectors, with mixed-use and residential communities. With its ecosystem offering up to 500,000 job opportunities, it will have a 'multi-modal transport infrastructure connecting air, land, and sea', according to its website. Once the new airport becomes fully operational, Al Kindi expects the development to emerge as a 'key hub' for future growth and development. 'There is no doubt that the completion of the airport will significantly increase the employment opportunities in Dubai South area and act as a catalyst for new properties, offices, retail, hospitals and other social infrastructure.' The community features multiple residential options like villas, townhouses, mansions, and apartments. 'Since its establishment, the company has successfully launched numerous projects that garnered significant interest, achieving complete sell-outs. These projects include The Pulse Apartments, The Pulse Villas, The Pulse Beachfront, South Bay, South Living, and Sakany,' said Al Kindi. Phase 1 of The Pulse Beachfront that comprises 288 units was completed recently. The developer is on track to deliver an additional 500 units across other phases of the same project by the end of H1 2025.
