Istanbul will overtake Heathrow as Europe’s busiest hub this year or next, the chief executive of London Airports said, strengthening his case for building a new runway after decades of political delays and reversals.
“We definitely expect that to happen, probably this year, maybe next year,” Heathrow CEO Thomas Waldby told Reuters on Wednesday.
The London hub has two runways compared to Istanbul’s five and operates at near full capacity.
Seeking growth
Heathrow Airport in west London last year received approval from Chancellor of the Exchequer Rachel Reeves to build a new runway as part of a plan to revive the ailing economy.
The airport, which is owned by France’s Ardian, the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund, among others, said expansion required a framework to encourage investment.
“It’s not that different from the situation today,” Waldby said of the framework Heathrow’s shareholders were looking for to get the £33 billion ($44.6 billion) project funded. That price rises to £49bn, including the cost of a new terminal and other improvements.
Heathrow Airport is currently preparing for a multi-year planning process, with MPs expected to vote on the issue later this year.
Waldubai said he was confident the government would remain resolute despite its reputation for U-turns, citing the need for economic growth.
“This project is one of the single largest to do just that,” he said.
Heathrow Airport said it expected passenger numbers to reach 85 million this year, up from 84.5 million last year, driven by growth from larger aircraft with more seats.
Flights from Heathrow’s new runway are targeted for 2035, with final planning consent required by 2029. ($1 = 0.7401 pounds)
(Reporting by Sarah Young; Editing by Paul Sandle and Nivedita Bhattacharjee)
