Heathrow Airport, Europe’s busiest hub by passenger numbers, has announced an ambitious £49 billion expansion and modernization plan, which includes the construction of a long-debated third runway.
The entire project will be funded by private sector investment.
The airport’s Chief Executive Officer, Thomas Woldbye, stated on Friday that the expansion is now more vital than ever, as Heathrow is operating at full capacity. The upgrade aims to significantly enhance the UK capital’s global competitiveness in trade and transport.
Despite years of legal battles and continued resistance from environmental campaigners, residents, and even London Mayor Sadiq Khan alongside members of the ruling Labor Party, the British government approved the new runway plan in January.
According to the announcement, the expansion is set to double Heathrow’s annual passenger capacity from 84 million to 150 million. The construction and operational launch of the third runway is scheduled to take place over the next decade.
Of the total investment, £21 billion will be allocated directly to the new runway, while the remaining funds will be used for broader airport upgrades and modernization, a process expected to continue over the coming decades.
The project has faced legal and political hurdles for years. In late 2020, the UK Supreme Court gave the green light for the third runway after a protracted legal dispute. However, the pandemic significantly delayed progress.
The Heathrow Airport Holdings Group, overseeing the project, is majority-owned by international investors. French infrastructure firm Ardian holds the largest share at 32.6%, followed by the Qatar Investment Authority at 20%, and Saudi Arabia’s Public Investment Fund with a 15% stake.
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