New 4km runway planned for Sharjah airport
The AED500 CAT III runway will be completed within 18-24 months.
Officials from Sharjah International Airport have signed an agreement with Sharjah Islamic Bank to fund the construction of a new 4,000 metre, US$130m (AED500) CAT III runway.
The project will include building holding lounges, an air-bridge and additional parking, with the possibility of new feeder roads, and is expected to be completed within 18-24 months.
The new runway will be 250 metres from the existing runway, which is also set to be renovated following the new runway project’s completion.
Both schemes are part of a wider plan to increase capacity at Sharjah airport, which is currently seeing huge growth in cargo volumes, aircraft movement and passenger numbers.
The latter is up 10.5% since last year, with 104.2 million passengers handled between January and August 2010.
Speaking about the project, Sharjah Department of Civil Aviation's director-general Abdul Wahab Al Roumi said advanced CCTV cameras have already been installed in the latest control room at the airport to enhance its security.
Meanwhile, Sharjah Islamic Bank’s CEO Mohammad Abdullah told Gulf News that the the Sharia-compliant loan taken out for the project has a tenure of 10 years based on Ijara financing.
According to the daily, under the loan structure, the airport will lease the runway from the bank and buy it back at an agreed price, though finance officials did not reveal the profit pricing on the loan.