Skift Take
With an annual passenger volume of just under 90 million, it's no surprise that the primary focus of Dubai International Airport's expansion endeavors is directed towards elevating customer experience.
Middle East Travel Roundup
Get the latest news from the Middle East in one easy-to-digest newsletter.
Dubai International Airport (DXB) is set to get a AED 6 billion-AED 10 billion ($1.6 billion-$2.7 billion) mega expansion in the next 5-7 years.
What Does The Expansion Involve?
DXB’s transformation into a smart airport New collaborations. Additional lounges to enhance passenger experience. Design and optimize areas to streamline passenger movement. Restructure operations for better gate management. Implement advanced tech solutions for efficiency and passenger services.The Plan: The airport aims to drive growth over the next 10-15 years until it reaches its maximum capacity. Following this, expansion efforts will shift to Dubai's second hub, Al Maktoum International Airport (DWC).
While DXB currently accommodates 118-120 million passengers, the second airport can currently manage around 26.5 million passengers and has the potential to expand to a capacity of 240 million after Phase 2 of its expansion.
DXB has also increased its forecast for the year from 83.6 million guests to 85 million, just 1.6% shy of its annual traffic in 2019.
In the first half of this year, Dubai International Airport served 41.6 million passengers, exceeding the numbers for the same period in 2019.
Footnote: As Dubai sets its sights on welcoming 40 million tourists by 2030, DXB is poised to have already hosted approximately 85 million passengers by the end of 2023. This staggering figure underscores the airport's vital role as a global hub for transit traffic.
Saudi Arabia’s Lumi Car Rental to Float 30% in IPOSaudi Arabian car rental and leasing company Lumi has confirmed that it would be proceeding with its initial public offering (IPO) and listing of shares on the main market of Saudi stock exchange — Tadawul.
In a statement, Lumi said it is looking to expand its market share. The net proceeds of the IPO will go to Seera Group Holding, formerly known as Al Tayyar Travel Group.
Number of Shares: The company will offer 16.5 million shares, representing 30% of its issued share capital, Lumi said in a statement.
Timeline: The offer price range for the offer shares will be announced on Wednesday, and the final offer price will be announced on September 7. Last March, the CMA approved Lumi’s application to float its shares.
Background: Lumi was established by Seera Group Holding in 2006 as a sole proprietorship to provide car rental servic