Ajman unveils airport masterplan

Construction of Ajman's new international airport is expected to start in the middle of next year following the unveiling of a AED 12 billion (US$ 3.3 billion) masterplan, according to United Arab Emirates (UAE) daily Gulf News.

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.