Dubai hires HSBC for $3b financing for airport expansions

Dubai hired HSBC Holdings to help raise $3b to finance the expansion of its airports. Dubai International Airport and Al Maktoum International Airport will grow to serve 146m passengers by 2025. The Dubai Department of Finance, the Investment Corp. of Dubai and Dubai Aviation City Corp. are working to raise Islamic and conventional financing. Dubai plans to develop Al Maktoum Airport into the world’s biggest hub with a capacity of about 220m passengers and Emirates airlines plans to move to the facility in 2025. The master plan for the airport’s second phase has been approved and the detailed design work is under way, Dubai Airports CEO Paul Griffiths said. <br/>