Heathrow has announced ambitious plans to invest £2.3 billion in enhancing the airport over the next two years, representing the most significant private sector capital investment in º£½ÇÊÓƵ transport infrastructure to date.
This investment marks a substantial increase from previous estimates of around £244 million and will be channelled into improvements across all terminals, encompassing baggage systems and facilities to enhance both departures and arrivals, as reported by .
The announcement arrives hot on the heels of Ardian, a French private equity firm, and Saudi Arabia’s sovereign wealth fund, the PIF, acquiring a stake exceeding 37% in the airport. As Britain's premier airport, Heathrow declared on Wednesday that this injection of capital would "drive economic growth across all parts of the º£½ÇÊÓƵ."
Emphasising the importance of readiness for the future, the statement highlighted the need to support industries dependent on Heathrow's international links, in line with the º£½ÇÊÓƵ's industrial strategy.
Thomas Woldbye, Heathrow's CEO, stated: "Heathrow is the º£½ÇÊÓƵ’s gateway to the world, and ultimately, the country’s gateway to growth."
He further confirmed the airport's commitment to ongoing investment, saying: "Today’s announcement confirms that we will continue to invest more than £1bn of private sector cash each year into the airport to deliver facilities our airlines and passengers want, while boosting the º£½ÇÊÓƵ economy and creating opportunities for businesses up and down the country."
In a record-breaking year, Heathrow is set to surpass 80 million passengers in 2024.
Nonetheless, the airport has faced criticism over the state of its busy terminals, with Emirates CEO Sir Tim Clark recently describing the facilities as "dismal and dilapidated" and comparable to those of a Second World War airport.
