Dubai World Central needs $33b

Dubai: A project designed to support Dubai's aviation, tourism and logistics needs an investment of $33 billion in the coming 44 years, top Dubai officials said yesterday.

Dubai World Central, a multi-phase development around the world's largest international airport in Jebel Ali, will cover 140 square kilometres.

The developed area will be twice the size of Hong Kong island, officials said.

"Dubai World Central will not only cater to economic growth but will be a strong catalyst for our next wave of development," said Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation (DCA) and Chairman and Chief Executive of Emirates Group.

The project's master plan, now refined, originally had a working title of Jebel Ali Airport City.

Dubai World Central International Airport will be 10 times the size of Dubai International Airport.

It will have a passenger handling capacity of over 120 million, more than the world's busiest airport in Atlanta, which in 2004 handled 83.5 million.

Speaking on behalf of Shaikh Ahmad at the project's unveiling at the Arabian Travel Market yesterday, Khalifa Al Zaffin, a DCA director, said the first-phase development will cost $6 billion and a large part of funds for development will come from realty sale. It will be completed in 2008.