Heathrow to spend £2.3bn on upgrades over next two years
By Benjamin Chiou
Date: Wednesday 18 Dec 2024
(Sharecast News) - Heathrow has announced a £2.3bn investment plan to upgrade the UK's biggest airport over the next two years, £244m higher than previously expected.
Some £1.05bn of the investment will be made in 2025, with an additional £1.29bn coming in 2026.
The airport operator said the money would be used to enhance capabilities across all terminals, including baggage delivery and projects to support punctual departures and arrivals, while funding its decarbonisation plans.
"The investment programme will improve service, resilience, passenger experience, and sustainability for all passengers at Heathrow," the company said in a statement on Wednesday.
Heathrow claims that the funds will support the government's national mission growth, driving economic activity across all parts of the UK and also create contract possibilities for businesses and SMEs nationwide. The airport's £1.1bn investment in 2024 is said to have benefitted 1,100 supply chain partners in the UK.
The investment plans come just days after private equity group Ardian and Saudi Arabia's sovereign wealth fund completed a deal to take a combined 37% stake in Heathrow.
"Heathrow is the UK's gateway to the world, and ultimately, the country's gateway to growth," said chief executive Thomas Woldbye.
"Today's announcement confirms that we will continue to invest more than £1bn of private sector cash each year into the airport to deliver facilities our airlines and passengers want, while boosting the UK economy and creating opportunities for businesses up and down the country."
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