Dubai’s new Al Maktoum Airport to boost economy, tourism & real estate with rising passenger traffic & investment potential.
Industry experts anticipate significant positive impacts from the expansion of Dubai’s Al Maktoum International Airport (DWC). This ambitious project underscores Dubai’s commitment to future-oriented development and its aspirations for global aviation leadership.
The airport’s massive capacity, designed to handle 260 million passengers annually, is expected to substantially contribute to Dubai’s economic growth. Passenger traffic projections indicate a potential rise exceeding 4% in the coming years. Al Maktoum International is positioned as a cornerstone for Dubai and the UAE’s economic development by attracting investments, generating new employment opportunities, and stimulating activity across various sectors.
Strong Industry Support for Growth Potential
Kamil Al Awadhi, a prominent figure within the International Air Transport Association (IATA), emphasizes the UAE’s position as a leader in aviation. He highlights how the new airport will effectively manage the anticipated rise in visitor numbers, projected to grow by 4% annually. This sentiment is echoed by Khaled Al Issawi, another IATA leader, who underscores the exceptional growth rate of UAE aviation, particularly within Dubai. He emphasizes the importance of long-term planning to accommodate this sustained growth over the next few decades.
Alignment with Airline and Real Estate Growth Strategies
Emirates Airlines’ Chief Operating Officer, Adel Ahmad Al Redha, acknowledges the positive impact of Al Maktoum Airport on Dubai’s economy and its alignment with Emirates’ future expansion plans. The airport’s capacity to handle increasing passenger volumes is seen as crucial for the airline’s continued growth.
Industry leaders from real estate firms like Cushman & Wakefield and Knight Frank anticipate a surge in demand for residential and commercial properties near the airport. Standard & Poor’s Global credit rating agency reinforces this perspective, highlighting the project’s influence on the city’s economy and real estate sector, particularly in surrounding areas. Similarly, Savills, another major real estate player, expects the airport expansion to trigger the development of numerous infrastructure projects within the vicinity.
In conclusion, the expansion of Al Maktoum International Airport is poised to be a significant driver of growth for Dubai’s real estate market, tourism industry, and broader economy. This project aligns with the ambitious vision of Dubai’s leadership and is strongly supported by key figures within the aviation and real estate sectors.
Posted on: 29 Jun 2024
Source: https://www.arabianbusiness.com/industries/transport/dubais-al-maktoum-international-airport-will-boost-real-estate-economy-and-tourism-experts