London's Heathrow Announces Airport Upgrade

London's Heathrow Airport on Wednesday revealed plans to invest GBP 2.3 billion over the next two years to upgrade Europe's busiest airport.

Heathrow, the UK and Europe's busiest airport by passenger numbers served a record 39.8 million passengers in the first half of 2024, with demand having more than doubled after the Covid pandemic.

London's Heathrow Airport on Wednesday revealed plans to invest GBP 2.3 billion over the next two years to upgrade Europe's busiest airport. The company said the investment will improve baggage delivery and projects to support punctual departures and arrivals, as the airport has been facing booming passenger demand since the Covid pandemic. The announcement comes a day after French private equity group Ardian and Saudi Arabia's sovereign wealth fund PIF finalised their acquisition of a nearly 38 per cent state in Heathrow from Spanish infrastructure giant Ferrovial and other shareholders.

Heathrow, the UK and Europe's busiest airport by passenger numbers, served a record 39.8 million passengers in the first half of 2024. Demand more than doubled after the CIVID pandemic. It recently increased its full-year forecast to 83.9 million passengers.

Since the pandemic, Heathrow and its European peers have suffered from flight cancellations, delays, long queues, and baggage delivery problems. Earlier this year, the airport criticised a decision by the British Civil Aviation Authority, which asked Heathrow to reduce fees charged to carriers for 2025 and 2026. In October, the airport reported a 3.2 per cent decrease in revenue for the first nine months of this year, citing an existing charge drop. However, net profit after tax rose nearly right per cent to GBP496 million.

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