Ajman unveils airport masterplan
By Richard High07 May 2008
The UAE's fourth international airport, will be constructed in six stages and located near Al-Manama. It will handle 1 million passengers a year and "minimum" of 400000 tonnes of cargo, which will account for 70% of airport services, said an un-named official.
Spain's Grupo Inmobiliario Whitelake will lead the 5.57 million m2 project. It will invest AED 2 billion (US$ 545 million) on the airport itself, committing a further AED 10 billion (US$ 2.72 billion) to develop adjacent residential and commercial properties.
"An initial investment of AED 1.5 billion (US$ 409 million) has come in from Spanish companies looking to develop the property and another amount was financed from local banks," said Whitelake's director of finance Alex Mond.