US$1 trillion to be injected into development of global airports

A cargo aircraft takes off from Hong Kong International Airport. Source: Shutterstock

A NEW report from CAPA Centre for Aviation revealed that a whopping US$1 trillion will be spent on airport upgrades and development around the world, with a large chunk focused in Asia.

For instance, a US$12.9 billion mega airport will be developed in Beijing in 2019, making the Chinese capital one the “world’s biggest aviation hubs”.

According to Bloomberg, the airport is set to accommodate up to 100 million passengers a year and will have as many as seven runways. On top of Beijing’s current airport facility, it’s estimated that the city will be able to handle 170 million passengers annually by 2025.

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However, the new investment could rattle Hong Kong’s and Singapore’s current status as the main transit hubs in Asia.

In efforts to keep up, Singapore’s Changi Airport – often perceived the best airport in the world – launched a fourth terminal, a US$950 million project that would allow it to hit its current passenger milestone of 60 million passengers by the end of the year.

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Hong Kong International Airport, meanwhile, is drawing out plans for a third runway at the cost of US$18 billion. The airport needn’t worry about its position just yet as it broke its 35 million mark in the first six months of the year.