Dubai’s Al Maktoum airport expansion delayed until 2030

A major expansion of Dubai’s second airport Al Maktoum International will open in 2030. (Photo credit: Dubai Media Office's Twitter account)
Updated 19 October 2018

Dubai’s Al Maktoum airport expansion delayed until 2030

DUBAI: A major expansion of Dubai’s second airport Al Maktoum International will open in 2030, the emirate’s government said, five years later than officials had previously indicated.
The airport will be able to handle 130 million passengers a year when the first phase of a planned expansion opens in 2030, and ultimately more than 260 million passengers a year, the statement, released by the Dubai government’s media office on Thursday, said.
Dubai officials had previously said the first phase would open by 2025. The Dubai government media office could not immediately be reached outside working hours on Friday for comment on the reason for the delay.
Dubai expects to spend around $36 billion on the airport expansion and the Dubai World Central aviation complex where it is located.
Reuters reported on Oct. 3 that the expansion had been delayed and that the second stage of financing for the project had been delayed indefinitely.
It is not the first delay to the airport’s expansion. A smaller capacity increase is a year behind schedule, although it is expected to be finished this year. At that point the airport’s capacity is expected to be 26 million passengers per year.
The government also said that Dubai Aviation Engineering Projects (DAEP) had launched a tender to build the substructure for the airport, in what would be the largest single value contract issued for the airport to date.
Al Maktoum International, which opened to passengers in 2013, currently handles only a fraction of Dubai’s passenger traffic. It will be larger than main airport Dubai International, currently one of the world’s busiest, when the first phase of the expansion opens and eventually become the new base of Emirates airline.
Dubai Airports said in 2016 it was expanding Dubai International to handle 118 million passengers a year by 2023, 18 million more than initially planned, in case the development of Al Maktoum International was delayed.


Oil prices surge after attacks hit Saudi output

Updated 45 min 39 sec ago

Oil prices surge after attacks hit Saudi output

  • The Houthi attacks hit two Aramco sites and effectively shut down six percent of the global oil supply
  • President Donald Trump said Sunday the US was ‘locked and loaded’ to respond to the attacks

HONG KONG: Oil prices saw a record surge Monday after attacks on two Saudi facilities slashed output in the world’s top producer by half, fueling fresh geopolitical fears as Donald Trump blamed Iran and raised the possibility of a military strike on the country.
Brent futures surged $12 in the first few minutes of business — the most in dollar terms since they were launched in 1988 and representing a jump of nearly 20 percent — while WTI jumped more than $8, or 15 percent.
Both contracts pared the gains but were both still more than 10 percent up.
The attack by Tehran-backed Houthi militia in neighboring Yemen, where a Saudi-led coalition is bogged down in a five-year war, hit two sites owned by state-run giant Aramco and effectively shut down six percent of the global oil supply.
Trump said Sunday the US was “locked and loaded” to respond to the attack, while Secretary of State Mike Pompeo said: “The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression.”
Tehran denies the accusations but the news revived fears of a conflict in the tinderbox Middle East after a series of attacks on oil tankers earlier this year that were also blamed on Iran.
“Tensions in the Middle East are rising quickly, meaning this story will continue to reverberate this week even after the knee-jerk panic in oil markets this morning,” said Jeffrey Halley, senior market analyst at OANDA.
Trump authorized the release of US supplies from its Strategic Petroleum Reserve, while Aramco said more than half of the five million barrels of production lost will be restored by tomorrow.
But the strikes raise concerns about the security of supplies from the world’s biggest producer.
Oil prices had dropped last week after news that Trump had fired his anti-Iran hawkish national security adviser John Bolton, which was seen as paving the way for an easing of tensions in the region.
“One thing we can say with confidence is that if part of the reason for last week’s fall in oil and improvement in geopolitical risk sentiment was the news of John Bolton’s sacking ... and thoughts this was a precursor to some form of rapprochement between Trump and Iran, then it is no longer valid,” said Ray Attrill at National Australia Bank.