Emirates commits $12 billion to new Al Maktoum International

Emirates will invest up to $12 billion in Al Maktoum International as part of the Dubai government’s $35 billion redevelopment of the site, which is slated to replace DXB as the emirate’s main aviation hub by 2032.

Sheikh Ahmed bin Saeed, Chairman and CEO of Emirates Group, said total spending will far exceed the headline figure.

He said Emirates plans to finance its share of the investment through a combination of cash reserves and new debt.

Moreover, U.K. Export Finance, the government-backed export credit agency, announced during the Dubai Airshow that it will invest $3.5 billion to support the participation of the U.K. businesses in the new airport.