Dubai has officially started awarding contracts for the construction of Al Maktoum International Airport, which is set to become the largest airport in the world when completed.
Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman of Emirates Airline, confirmed the development.
“We did assign contracts and work has really started since His Highness gave the go-ahead over a year ago,” he said.
The new airport will eventually handle 260 million passengers annually. All flights and services at the current Dubai International Airport (DXB) will move to Al Maktoum International (DWC) in the next 10 years. The project will cost Dh128 billion.
Sheikh Ahmed explained, “To prepare for opening day, we need about 12 months just for training because of the size of the airport. We don’t want to see any hiccups on that day.”
He said that Dubai’s aviation team is already working with local and international airlines to ensure a smooth transition.
“We are putting together the plan that lets us make it perfect on the day of the opening,” he added.
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Emirates Group Hits Record Profits
Sheikh Ahmed also revealed that Emirates Group had its best year ever in 2023-24. The company made a record profit of Dh18.7 billion, which is a 71% increase from the previous year. Its revenue rose to Dh137.3 billion, and it ended the year with Dh47.1 billion in cash reserves.
“We are very satisfied when it comes to our cash reserves,” Sheikh Ahmed said.
He also noted that the airline managed its fuel costs well and is refitting 90% of its aircraft. Emirates currently has 261 planes and has ordered over 300 new ones.
He hinted at more aircraft deals at the upcoming Dubai Airshow.
“There will be some new announcements. We are thinking along those lines,” he said.
Business Remains Strong Despite Global Issues
When asked about global tariff tensions, Sheikh Ahmed remained hopeful.
“I always remain very optimistic. I don’t think it affects business. Business is as usual,” he said.
He added that some companies are changing cargo routes to avoid future problems. “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.”
On rising geopolitical tensions, he said, “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.”
Despite global challenges, he said Emirates continues to do well.
“People want to fly. I didn’t see any shift in terms of decline in number of people as of today,” he concluded.