Saturday, April 1, 2017

Qatar backs $808m Heathrow airport investment plan

The consortium of global investors in Britain's biggest airport Heathrow including major shareholder Qatar (with 20 per cent stake in the development) pledged to invest £650 million ($808.7 million) to fund major projects in 2019, said a report. 

These include the expansion of Terminal 2 and a new southern access tunnel for directing road traffic to the London airport, according to International Business Times.

The London airport would now work on the details of the projects and present it for shareholders approval.

Commenting on Heathrow's investment, Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, CEO of Qatar Investment Authority (QIA) – one of the investors – said: "Our investment in Heathrow is much more than just an investment in one of the world's great airports – it's an investment in Britain's connections to the world."

"As the UK reshapes its role in the world, we confirm our commitment as proud partners of a great trading nation," he noted.

Heathrow CEO John Holland-Kaye was cited by the Telegraph as saying that the investment by these overseas investors was "great news for Heathrow passengers and for Britain".

He explained that the investment would not only improve the quality of its passenger experience, but also improve its ability to deal with growing demand of its services.

Heathrow is owned by a consortium of global investors which apart from QIA include, Ferrovial S.A., Caisse de dépôt et placement du Québec, Singapore's sovereign wealth fund GIC, Alinda Capital Partners of the US, China Investment Corporation and Universities Superannuation Scheme.

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