Dubai Airports report soaring revenues

14/08/2012 - Dubai Investment News Posted by Neil King
Dubai Airports report soaring revenues

Bosses at Dubai Airports have reported a sharp upturn in revenues for the first half of 2012. The organisation managed to claw in an extra 16 per cent during the six-month period, as passenger numbers grew by 13.7 per cent. Paul Griffiths - chief executive at Dubai Airports - was happy with the figures. "We are ahead of the budget in terms of revenues, which are exceeding expectations," he told Zawya Dow Jones. According to Bloomberg, Mr Griffiths also confirmed that details of the company's budget for 2013 would be revealed next month. "We are finalising our 2013 finances and we expect it to be announced by the second week of September," he was quoted as saying. These are exciting times for airport owners throughout the UAE, as recent figures showed that the demand for flights into this particular part of the Middle East is sky-high. The intense clamour for flights into Dubai has not gone unnoticed and parts of Dubai International Airport are set to undergo a major revamp. Work to expand the facility is set to be finished next year and it will take the capacity from 60 million to 75 million passengers a year. The third concourse will be used exclusively by Airbus SAS A380 superjumbos and forms part of wider plans to invest $7.8 billion into the airport - eventually taking its capacity to 90 million by 2018. Plans to erect a fourth concourse have also sprung into action, but this part of the project will not be ready until 2015. Mr Griffiths insisted that the 2013 budget - which is being worked out by Dubai's Department of Finance - is not directly linked to the expansion plans. These major developments further emphasise the booming popularity of Dubai among businesspeople and tourists. Dubai Airports has undoubtedly benefited from the strong relationship with the Emirates airline and the carrier will continue to play an important role in Dubai's ambitious expansion plans.