Heathrow to invest GBP2.3b in upgrade after Saudi Arabia's PIF takes stake

London's Heathrow is to spend GBP2.3b ($2.92b) upgrading the airport over the next two years. The move is an increase of GBP244m on previously forecasted investments, and comes days after Saudi Arabia's sovereign wealth fund, PIF, and French investment firm Ardian completed their deal to buy a 37% stake in Heathrow. The investment is the largest of its kind in UK transport infrastructure, and will be used to improve all terminals, including baggage delivery and projects to support punctual departures and arrivals, Heathrow said. The plan is to spend GBP1.05b upgrading the airport’s infrastructure next year and GBP1.29b in 2026. Heathrow has invested GBP1.1b in 2024, including spending GBP191m on upgrading security lanes. “Heathrow is the UK’s gateway to the world, and ultimately, the country’s gateway to growth,” the airport's CE, Thomas Woldbye, said. “Today’s announcement confirms that we will continue to invest more than GBP1b of private sector cash each year into the airport to deliver facilities our airlines and passengers want, while boosting the UK economy and creating opportunities for businesses up and down the country.”<br/>