Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
Dubai International Airport is on track to receive its one billionth passenger before the end of the year, underscoring a critical infrastructure challenge at one of the world's busiest international airports.
"We are likely to get just over 90 million through DXB this year, that's a new record for us," Dubai Airports CEO Paul Griffiths told CNBC's "Capital Connection."
He said the key factors driving that rapid growth in passenger numbers include Dubai's strategic location, its vast network of destinations and the expansion of key routes from Emirates airline and its sister company, flydubai. The airport served 88.2 million passengers last year.
"With 280,000 passengers a day and up to 13,000 bags flown through the hub, the concentration of not only the passenger traffic through DXB, but also the major contribution that it makes to the GDP of Dubai, is obviously incredibly significant," he said.
Dubai Airports owns and manages the operation and development of both of airports in the emirate — Dubai International (DXB) and Dubai World Central (DWC).
But as Dubai International Airport continues to grow, it faces an increasing infrastructure challenge, leading to capacity constraints.
"We are in the midst of a new master plan at the moment for 2030, which will see us boost the capacity of this airport by a further 30 million to 120 million by 2022," Griffths said.
"The newer airport, Dubai World Central Al Maktoum International, already has the capacity for a further 26 million passengers. So across the two airports, 146 million total airport capacity is a pretty impressive number and it will still give us the headroom for significant further growth here in Dubai," the CEO said.
Taking into account projected growth in passenger numbers and existing plans to expand capacity — including the development of the new Al Maktoum International at Dubai World Central terminal, Oxford Economics expects the aviation sector to account for 37.5 percent of Dubai's GDP in 2020 and as much as 44.7 percent by 2030.
"Not only am I very confident about the present growth of Dubai as a hub and the contribution that we make to the GDP, but I'm even more optimistic that our position will continue to strengthen for the future," added Griffiths, who believes that capacity constraints can be addressed by further expansion.
Since it opened in 1960, passenger numbers through Dubai International have grown at an annual average growth rate of more than 13 percent — outpacing rival hubs such as London's Heathrow Airport.
Analysts at the International Air Transport Association warn that the China-US trade war is not good news for the air transport industry and has the potential to adversely impact both air freight and passenger demand.
But Griffiths says it hasn't been an issue so far.
"It's made its way into conversations, but fortunately we've not really seen that translate into passenger or cargo numbers. Growth remains positive," Griffiths said.
He's also confident that the renaissance of long haul flights among key global carriers won't dent Dubai's status as a global hub.
"The large mega hub will still provide the concentration of feeder traffic that is required to feed a long haul network. Let's not forget that Dubai actually is the world's largest concentration of these new generation mega aircraft that are capable of serving virtually every point in the globe," he said.