London, United Kingdom. Heathrow chief executive Thomas Woldbye said Istanbul is likely to overtake Heathrow as Europe’s busiest hub this year or next, supporting Heathrow’s case for a new runway after years of political delays.
Traffic outlook and capacity constraints
Woldbye told Reuters on Wednesday that he would expect Istanbul to surpass Heathrow “maybe that to happen this year, maybe next year.” Heathrow has two runways compared with Istanbul’s five and is operating near full capacity.
Runway proposal and ownership
Heathrow, in west London, received approval last year from finance minister Rachel Reeves to build a new runway as part of plans to revive a stagnating economy. The airport is owned by France’s Ardian, the Qatar Investment Authority, Saudi Arabia’s Public Investment Fund and others.
Investment framework and project cost
Heathrow said expansion would require a framework that incentivises investment. Woldbye said the type of framework shareholders were looking for was “not so different from what it is today” to fund the 33 billion pound ($44.6 billion) project, a figure that rises to 49 billion pounds if a new terminal and other improvements are included.
Planning process and political support
Heathrow is preparing for a years-long planning process, with lawmakers expected to vote on the issue later this year. Woldbye said he was confident the government would remain steadfast despite its reputation for policy reversals, citing the need to grow the economy, and said the runway plan was one of the biggest projects to help deliver that.
Passenger forecast
Heathrow said it expected 85 million passengers this year, up from 84.5 million last year, with growth coming from larger planes with more seats.
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