Dubai's Car

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Dubai's Car
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• Dubai's bold plan to build the world's biggest
  AirportDUBAI, United Arab Emirates Dubai's
  ruler has endorsed a 32 billion expansion plan
  for the city's second airport that aims to make
  it the world's biggest, the emirate's airport
  operator said Monday in the latest sign that the
  Middle East's brash commercial hub is determined
  to move on from its 2009 financial crisis.

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• The approval sets in motion a vast building
  project that will boost capacity exponentially at
  the airport known as Al Maktoum International at
  Dubai World Central. Backers envision it will
  eventually handle more than 200 million
  passengers per year.The first phase of the
  expansion alone aims to build enough runway and
  terminal space to handle 120 million passengers a
  year and 100 mammoth Airbus A380 double-decker
  jets at any given time.

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• The world's busiest airport, Hartsfield-Jackson
  Atlanta International Airport, handled 94.4
  million people last year.Paul Griffiths, chief
  executive of state-backed airport operator Dubai
  Airports, said he aims to have the first phase of
  the expansion complete in six to eight years.
  That part of the project includes adding two new
  runways and two large concourses housing dozens
  of aircraft gates each.

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• "It's a very aggressive time scale ... but I
  think that we have a track record here of doing
  remarkable things in a remarkably challenging
  time frame," Griffiths said in his office at the
  city's main airport, Dubai International.As
  later phases are completed, the new airport
  eventually will boast five parallel runways
  spaced far enough apart so they can all be used
  at the same time, and have enough gates for
  hundreds of wide-body planes.

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• Dubai World Central opened for cargo flights in
  2010 with a single runway in the desert south of
  central Dubai. It received its first passengers
  in October at a single terminal that is mainly
  used by smaller airlines and low-cost
  carriers.The currently larger Dubai
  International ranked as the world's seventh
  busiest airport last year, handling 66.4 million
  passengers. It too is being expanded, with a new
  concourse expected to open next year.

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• Griffiths says Dubai needs to expand to keep pace
  with the rapid growth of airline traffic into the
  emirate. Much of the increase comes from hometown
  airline Emirates, the region's largest carrier
  and the world's biggest user of both the A380 and
  Boeing 777 long-haul jets.Emirates is expected
  to move its hub to the new airport shortly after
  the first expansion phase is complete, freeing up
  space in the older airport for the more than 100
  other airlines that already operate from it.

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• Griffiths is confident Dubai will be able to
  generate the funding needed to complete the
  project given the importance of aviation to
  Dubai's economy. Officials say the industry
  contributes 22 billion annually to the local
  economy and supports some 250,000 jobs."The
  aviation sector has demonstrated that there is a
  very compelling economic case to suggest creation
  of further capacity is a very sensible thing to
  do," Griffiths said. "I'm sure that the
  government will come up with the appropriate
  funding to make the project a reality."

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• Dubai still is recovering from the effects of its
  financial crisis, which sent property prices
  plunging and forced it to accept a
  multibillion-dollar bailout from neighboring Abu
  Dhabi.The local economy has bounced back
  strongly since, though Dubai and its state-linked
  companies still carry tens of billions of dollars
  in debt. The International Monetary Fund has
  warned of the possibility of another property
  bubble forming, and analysts question how Dubai
  can make good on the debt it still owes.

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• "There are still plenty of reasons to think that
  the emirate's debt problems are far from over,"
  Jason Tuvey, an analyst at London-based Capital
  Economics, wrote in a research note last
  week.That has not stopped officials from
  announcing plans for headline-grabbing projects
  reminiscent of the pre-crisis boom.

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• On Sunday, a property development company
  controlled by Dubai ruler Sheikh Mohammed bin
  Rashid Al Maktoum laid out plans for a 2.7
  billion theme park and resort complex near the
  new airport and the site of the World Expo that
  Dubai is due to host in 2020.The expansion of
  the new airport is unlikely to be ready by the
  time the Expo kicks off, Griffiths said.

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