The latest report from Timetric’s Construction Intelligence Centre (CIC) shows that airport construction activity remains high in the fast-growing regions of Asia-Pacific and the Middle East and Africa. With total planned investment in airport mega-projects worth US$224.1 billion and US$172.0 billion respectively, these two regions outpace other global regions.
The total value of airport construction projects globally is worth US$638.7 billion, based on the projects tracked by the CIC. The Istanbul New Airport projects is the highest value project, at US$36.2 billion. The UK has the highest value project pipeline in Europe mainly due to the planned Heathrow Airport Expansion valued at US$29.1 billion. This project follows significant debate over the requirements for extra airport capacity in London, but the final go-ahead for the project has yet to be given by the government.
Airport construction activity in the Asia-Pacific region is led by China, its largest economy, with a value of US$47.8 billion, followed by Vietnam, with total projects valued at US$28.7 billion. The increase in flights within China has made Beijing Capital International Airport the second busiest in the world. The new second airport planned for Beijing is the US$11.3 billion Beijing Daxing International Airport, which is due for completion in 2025. Although India is a high growth area, the value of airport projects is low compared to others in the region, such as China, Hong Kong and Vietnam.
Activity in the Middle East and Africa is following demands, with Dubai being the world’s busiest international airport and Saudi Arabia requiring more capacity to cater for the millions of pilgrims visiting each year.
The US$32 billion Al Maktoum International Airport is a new airport project which will be part of Dubai World Central, providing a planned capacity of 220 million passengers to the UAE.
Neil Martin, Manager at Timetric CIC comments: “Global airport projects’ activity follows economic growth in the markets of Asia-Pacific and the Middle East and Africa. Both regions are registering new projects and the expansion of existing airports to service their growing economies and populations. Similarly, the developed markets of North America and Europe largely show expansion or renovation of existing airports such as London’s Heathrow and O’Hare International Airport in Chicago. Although South and Central America is lagging behind for value of projects, there is huge potential for the upgrade of its airports infrastructure, with the new US$14 billion Mexico City project potentially providing a model for the region.”
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/africa-middle-east/08042016/airport-construction-activity-remains-high-852/