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The International Tunnelling and Underground Space Association (ITA) has honoured eight projects and individuals from the tunnelling industry at its annual ITA Tunnelling Awards.
Airport construction projects remain at a high with a total global investment of $638.7bn, according to a new report. The Global Airport Construction Projects report, from Timetric’s Construction Intelligence Center (CIC), concludes that even though a financial crisis has been ravaging the global economy since 2008-09, air passenger traffic has been growing at an average pace of 5% annually.Airport construction activity has been growing fast in the Asia-Pacific and Middle East & Africa regions, which have now surpassed other global regions with total planned investment in airport mega-projects of $224.1bn and $172bn respectively.In the Asia-Pacific region, China has been leading the airport construction activity with investment of $47.8bn, followed by Vietnam with projects worth $28.7bn. Due to the increase in flights to China, where Beijing Capital International Airport is the world’s second busiest airport, the $11.3bn Beijing Daxing International Airport is expected to be complete in 2025. Conversely, India’s value of airport projects is low when compared with countries in the same region.The demand in Middle East and Africa is high, with Dubai home to the world’s busiest international airport and Saudi Arabia requiring more capacity to cater the millions of visitors each year. Al Maktoum International Airport is a new airport project that will be part of Dubai World Central, providing a planned capacity of 220M passengers to the UAE.The highest-value project is the $36.2bn Istanbul New Airport development in Turkey, and the highest value pipeline project part of the planned $29.1bn Heathrow Expansion belongs to the UK, although the government has not yet given green light to the project, according to projects tracked by the CIC.Neil Martin, manager at Timetric’s CIC, said: “Global airport projects’ activity follows economic growth in the markets of Asia-Pacific and the Middle East & Africa. Both regions are registering new projects and the expansion of existing airports to service their growing economies and populations. Similarly, the developed markets of North America and Europe largely show expansion or renovation of existing airports such as London’s Heathrow and O’Hare International Airport in Chicago. “Although South and Central America is lagging behind for value of projects, there is huge potential for the upgrade of its airports infrastructure, with the new US$14 billion Mexico City project potentially providing a model for the region.”* The Global Airport Construction Projects report from Timetric’s Construction Intelligence Center provides market analysis, information and insights on over 550 large-scale live airport construction projects globally. In addition, the report also details airport construction investment in each of the five major global regions, as tracked by Timetric’s Construction analyst team. The projects are at various stages of development, from the ones that have been announced to those in execution. Read more on the report here.