UK Export Finance signals up to $3.5bn support for Dubai’s Al Maktoum International expansion

UK Export Finance (UKEF) has issued an Expression of Interest to provide up to $3.5 billion in potential financing support for the major expansion of Dubai’s Al Maktoum International Airport, a project expected to cost around $35 billion and create what could become the world’s largest airport by scale and passenger capacity.

The letter of interest was presented during the recent Dubai Airshow by UK Minister for Trade Sir Chris Bryant to Dubai aviation leaders including Khalifa Al Zaffin and Dubai Airports chief executive Paul Griffiths. UKEF’s move marks the first foreign-backed financing support indicated for the expansion programme.

If the deal is finalised, the airport’s development is expected to offer significant commercial opportunities to UK businesses across the aviation supply chain. UKEF has said that eligible British suppliers could be involved in a wide span of work, from consultancy and master-planning to construction, engineering, airport systems and advanced technologies.

The Al Maktoum International expansion is designed to accommodate up to 150 million passengers annually by the early 2030s, with further growth planned in later phases. Dubai authorities have committed to incorporating high-efficiency designs and new sustainability technologies as part of the development.

An Expression of Interest from UKEF does not constitute a final financing agreement. However, it signals that the UK’s export credit agency is prepared to consider applications for funding should the project meet its due-diligence and procurement requirements. The indication of support is intended to make it easier for UK suppliers to bid for work on what is set to be one of the world’s largest aviation infrastructure investments.