Dubai’s two international airports are set for a capacity-boosting, capex-fueled expansion that will enable them serve up to 146 million passengers by 2025, largely due to a proposed initial $3 billion financing deal announced Tuesday by the Government of Dubai.

Dubai International Airport (DXB) is already the world’s largest international airport at 78 million passengers in 2015, with a 13% average compound annual growth rate since 2000. 

As for the new Al Maktoum International Airport (DWC), it is planned to become the primary airport for Dubai, as well as the home to Emirates Airline from 2025.

“Dubai remains firmly committed to the development of the Al Maktoum International Airport and to the growth of the global aviation sector, and this initial $3 billion transaction to support Dubai’s ambitious 2025 passenger capacity targets is testament to our belief,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai’s Supreme Fiscal Committee.

Abdulrahman Saleh Al Saleh, Director General, Department of Finance for the Government of Dubai (DOF), said: “In line with Dubai’s vision to maintain its status as one of the world’s most important cultural and commercial centers, the planned expansion of both of the city’s airports is critically important, and our department is proud to play a vital role in their ongoing financing, just as we have with other similarly major projects.”

Under the proposed financing arrangement, coordinated by DOF, Investment Corporation of Dubai (ICD) and Dubai Aviation City Corporation (DACC), the three parties will work jointly to raise financing from various liquidity sources, both conventional and Islamic, with HSBC acting as Financial Advisor.