United Arab Emirates: Intesa Sanpaolo is the major player in financing Dubai airport
Intesa Sanpaolo has taken one of the most significant shares, approximately 250 million dollars, in the financial operation of Dubai's airports, and especially Al Maktoum International. The financial operation is almost 50 percent more than the original amount indicated by the Emirates counterpart, will be made up by a traditional seven-year loan of 1.6 billion dollars and another seven-year loan, in Islamic currency, of 1.48 billion dollars.
The major financial transaction, handled by HSBC bank, includes the Department of Finance of the Emirate of Dubai, the Investment Corporation of Dubai and the managing authority, the Dubai Aviation City Corporation, which have created the Airport Financing Company FZE. This will manage all operations to finance the development of both airports, and especially DWC. Along with Intesa Sanpaolo, there will be 11 local and international financial institutions in the operation.
Once the transaction is implemented, the Dubai Aviation City Corporation will be able to work smoothly on the assignment of the first major infrastructural work for the development of the "airtropolis'". By the end of this year, three major works should be assigned: the luggage management system, a four-kilometre tunnel (33 metres wide and 15 metres high) connected to the luggage transport system and the automatic passenger transport system from the main terminal to the embarkment areas in the project design.
These contracts will be followed next year by the completion of the first phase of the DWC-Al Maktoum International project, including the terminal, Concourse 1 and two more air strips to manage more than 120 million passengers by 2025, the year in which Emirates Airlines plans to reposition all its routes.