Dubai said to plan $36b spend on world’s top airport

Dubai aims to spend $35.7b to develop its second airport and logistics hub in the south of the city and is likely to rely on debt for a significant part of the financing, two people with knowledge of the plan said. The investments will be made in Dubai World Central and associated facilities, including Al Maktoum International Airport, over the next 12 years, the people said. The spending plan is outlined in documents inviting banks to bid for a $3b loan the government is seeking to raise for initial expansion, the people said. HSBC Holdings is the financial adviser on the loan. The loan is being raised by a special purpose company, which will be paid by Dubai’s department of finance based on a formula linked to passenger numbers at the city’s two airports, said the people. The company will also raise future funding for the project including debt, the people said.<br/>