PIF-backed London Heathrow Airport plans to invest GDP 2.3 bn into upgrading its airport facilities over the next two years, according to a statement. The figure comes in significantly higher than previous investment forecasts, which were previously set at GDP 244 mn.

The breakdown: The investment will be channeled towards improving all terminals at one of Britain’s busiest airports, including upgrading baggage delivery operations and improving departure and arrival punctuality. Some GDP 1.05 bn will go towards improving the airport’s infrastructure in 2025, while an additional GDP 1.29 bn will be used for development works in 2026.

REMEMBER- PIF finalized its 15% acquisition of Heathrow’s parent company FGP TopCo earlier this week from Spanish infrastructure player Ferrovial and other shareholders. Paris-based equity firm Ardian snapped up 22.6% in the London airport for the same group of shareholders via a separate vehicle.

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