The Terminal 6 represents a major new investment for New York's JFK airport. It will eventually replace the current Terminal 7. Image Credit: Shutterstock

Dubai: The ADX-listed Investcorp Capital will invest in the redevelopment of New York’s JFK International Airport’s Terminal 6. This will be through the parent entity Investcorp Group’s newly formed partnership with Corsair Capital – Investcorp Corsair Infrastructure Partners.

The Investcorp Corsair Infrastructure Partners is the lead financial sponsor of the re-development, while its wholly owned airports platform Vantage Airport Group serves as the developer, operator, and manager of the new terminal.

JNew York’s main hub for international traffic, the JFK in 2022 served 69 per cent of the region’s international passengers.

The $4.2 billion redevelopment will replace the current Terminal 7, delivering 1.2 million square foot terminal featuring 10 gates, in addition to more than 100,000 square feet of commercial amenities, lounges, and two AirTrain stations.

Construction will be in two phases, with Phase I underway and expected to be completed in 2025, while Phase II is slated for completion in late 2027.

“The modernization of JFK and the $4.2 billion earmarked for the development of Terminal 6 is a unique opportunity to invest in a groundbreaking infrastructure project in one of the world's busiest and most vital travel hubs," said Hazem Ben-Gacem, Vice Chairman and Non-Executive Director of Investcorp Capital.

“This mega-project stands to gain from promising long-term economic and demographic trends, such as a more affluent clientele driving increased demand for travel, in addition to the latest advances in technology, security, and sustainability.”