July 20, 2008

UAE to launch fourth international airport in mid 2009

Gulf News reported that work on the USD 3.3 billion, 60 million square feet Ajman International Airport is expected to begin by the middle of 2009.

The plan for the UAE's fourth international airport was approved by the emirate's ruler Mr Sheikh Humaid Bin Rashid Al Nuaimi in May 2008. The new hub will serve one million passengers a year, handling a minimum of 400,000 tonnes of cargo, which will account for 70% of airport services.

The Spanish corporation, Grupo Inmobiliario Whitelake is to lead the project, developing both the airport and nearby residential and commercial properties.

Mr Alex Mond director of finance at Whitelake said that "Initial investment of over USD 400 million has come in from Spanish companies looking to develop the property and another amount was financed from local banks." He added that letters of intent for landing rights had been received from 25 airlines so far, though none had been confirmed.