Dubai group in India airport bid
A newly-formed Dubai consortium unveiled plans to bid for the development and operation of airports in China, India and the Middle East.india Updated: Feb 23, 2006 17:32 IST
A newly-formed Dubai consortium on Thursday unveiled plans to bid for the development and operation of airports in China, India and the Middle East, a market they estimated to be worth $400 billion.
The consortium is comprised of DAE Airports and six other top companies in the United Arab Emirates, who sealed a partnership Thursday during Asian Aerospace, the world's third-largest airshow.
A statement said the group would "target the $400 billion airport development and operations market in the emerging economies, primarily in the Middle East, India and China."
DAE Airports is a subsidiary of Dubai Aerospace Enterprise (DAE), a recently launched holding firm that aims to invest $15 billion in manufacturing and services in the booming aviation sector.
Its partners are real estate-based Emaar, air services supplier DNATA, aviation industry technology firm Mercator, Emirates National Oil Company, Amlak Finance and Dubai Airports Free Zone Authority (DAFZA).
"Our clients from around the globe, particularly in this region and the emerging markets of Asia, are being offered a one-stop solution for their airport needs," said DAE managing director Mohammed Al Zarouni.
"Through DAE Airports, they will have access to a wide range of capabilities, whether this is a new airport on a greenfield site, a sophisticated operations upgrade at an existing site, or a privatisation."
Under the agreement, consortium leader DAE Airports will identify the target projects, structure the deals and bid jointly with its partners.
The focus would be on developing new airports on a build, own, operate and transfer scheme.
AT Kearney, a global management consulting firm quoted in the statement, estimated that the Asia Pacific and Middle East airport markets are expected to grow eight to nine percent a year over the next 10 years.
Separately, a DAE official speaking at Asian Aerospace said the firm is seeking to become the world's third-largest leaser of wide-body aircraft.
"Our focus will be India, China and the Middle East," the official said.