Heathrow CEO says Istanbul to overtake London hub as Europe’s busiest airport

Istanbul will overtake Heathrow as Europe’s busiest hub this year or the next, the London airport’s chief executive said, bolstering its case to build a new runway after decades of political delays and reversals.

“I would definitely expect maybe that to happen this year, maybe next year,” Heathrow CEO Thomas Woldbye told Reuters on Wednesday.

The London hub has two runways compared with Istanbul’s five and is operating near full capacity.

SEEKING GROWTH

Heathrow, in the west of London, received approval last year from finance minister Rachel Reeves to build a new runway as part of plans to revive the stagnating economy.

The airport, owned by France’s Ardian, the Qatar Investment Authority, Saudi Arabia’s Public Investment Fund and others, said expansion would require a framework that incentivises investment.

“It’s not so different from what it is today,” Woldbye said of the sort of framework Heathrow shareholders were looking for to get them to fund the 33 billion pound ($44.6 billion) project, the price of which rises to 49 billion pounds if the cost of a new terminal and other improvements are included.

Heathrow is currently gearing up for the years-long planning process, with lawmakers expected to vote on the issue later this year.

Woldbye said he was confident the government was steadfast despite its reputation for u-turns, citing its need to grow the economy.

“This project is one of the single biggest projects to deliver just that,” he said.

Heathrow said it expected 85 million passengers this year, up from 84.5 million passengers last year with the growth coming from larger planes with more seats.

Flights from Heathrow’s new runway are targeted for 2035, with final planning consent required by 2029.