Dubai has awarded contracts for Al Maktoum International Airport (DWC), including a Dh1 billion ($272 million) deal to build a second runway for its $35-billion terminal expansion in Dubai South, which is set to offer jobs and housing opportunities for a million people.
A Dh75 million separate contract for enabling works in the first phase has also been awarded, while major packages such as the Automated People Mover and Baggage Handling System that are currently in the tendering stage look set to be awarded later this year, Khalifa Al Zaffin, executive chairman of Dubai Aviation City Corporation and chairman of Dubai Aviation Engineering Projects, said on Thursday.
The terminal substructure, early 132kV substations as well as district cooling plants, are in the next set of packages that will be tendered later in 2025.
"The design is being done and we have already started work on the ground," Mr Al Zaffin said at a press briefing on the sidelines of the annual Airport Show in Dubai.
"The airport will be a technological marvel from all aspects. We are trying to make it intuitive, smooth, with a lot of passenger delights."
The first phase, scheduled for completion in 2032, will increase the airport terminal's annual capacity to 150 million passengers.
"We remain fully committed to delivering Al Maktoum International Airport on time," Mr Al Zaffin said.
Ultimately the airport is set to reach a capacity of 260 million passengers and 12 million tonnes of cargo per year when complete.
Dubai International Airport (DXB) is already reaching maximum capacity, meaning building one of the world's biggest airports to accommodate the expected jump in passenger volume has become a necessity, Mr Al Zaffin said.
The project cost may have some "variation upwards or downwards" but will remain largely within the range of the announced $35 billion, he added when asked if costs are expected to increase.
Economic benefits
In terms of its economic impact, the project is expected to "support up to one million people through employment and housing", which is integral to the development of Dubai South, Mr Al Zaffin said in a statement.
The project will create "thousands" of employment opportunities in key sectors including construction, aviation, logistics, real estate, tourism and cargo. This will stimulate growth in areas surrounding Dubai South, which will lead to increased demand for hotels and real estate developments, he said.
The airport project will create a "ripple effect" across Dubai's economic pillars from airlines and cargo, to hospitality, real estate and logistics, the official added.
The transition from DXB to DWC will happen in a single move to avoid operational challenges and minimise disruptions for passengers, Mr Al Zaffin said.
"We are confident in our ability to execute this shift successfully," he said. Extensive preparations, including an Operational Readiness and Airports Transfer programme will be carried out in advance to ensure a smooth transition and uninterrupted services.
What happens to DXB after all the airlines have moved their operations will be left to the Dubai Government to decide, in line with the emirate's strategic goals, he added.
Advanced technology and robotics
The airport, spanning 70 sq km, will be five times the size of DXB and will feature two passenger terminals and seven concourses, with more than 400 gates to ensure capacity for future growth, the statement said.
Passengers will be transported with the help of automated people movers. The airport will also feature an underground train to ease travel between smaller concourses to create "intimacy at scale", with shorter walking distances, Paul Griffiths, chief executive of Dubai Airports, said last week.
AI and advanced technology will play a big role in creating a "borderless airport", where passengers will move through quickly without long queues at customs and immigration checkpoints, Mr Al Zaffin said.
"Once you enter the airport, they know who you are, they know where you're coming from and where you're going. They know everything about you and therefore you're processed [quickly]," he said.
The airport will integrate advanced technology such as robotics for baggage handling, security and maintenance. Identifying passengers using biometric data, along with smart security measures and automated check-in processes, will speed up passengers' journeys.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
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Company%20profile
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Tewellah by Nawal Zoghbi is out now.
RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
UAE currency: the story behind the money in your pockets
Age 26
Born May 17, 1991
Height 1.80 metres
Birthplace Sydney, Australia
Residence Eastbourne, England
Plays Right-handed
WTA titles 3
Prize money US$5,761,870 (Dh21,162,343.75)
Wins / losses 312 / 181
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
The specs
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