UK-based Manchester Airports Group (MAG) is set to invest £440m ($544m) in the final phase of the £1.3bn ($1.6bn) Manchester Airport Transformation Programme.

The funds will be used for installing advanced technology and equipment, creating new spacious facilities and a wide range of shops, bars, restaurants, and airport lounges.

During the construction phase, the project is expected to create over 500 jobs.

An additional 16,400 job opportunities are projected to be created by 2040, benefitting from the economic activity triggered by the expansion.

The project will see Manchester Airport expand its role as the UK’s global gateway in the North.

Upon completion, the investment will transform the passenger experience at the UK’s third largest airport.

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The Manchester Airport Transformation Programme was first announced in 2015, with phase one increasing the size of Terminal 2 (T2) by more than two-fold.

MAG’s new investment will conclude T2’s transformation, which includes upgrades to all stages of the passenger journey and the overhaul of its airfield to serve next generation airplanes.

The expanded T2 will be used by nearly 80% of the travellers after the transformation is concluded in 2025.

Meanwhile, Terminal 1 is set to close after more than six decades.

MAG CEO Charlie Cornish said: “Manchester Airport is a key economic asset for the north, and this investment will maximise the contribution it makes to creating a balanced and globally competitive UK economy.

“Our £1.3bn transformation programme demonstrates our long-term commitment to providing a great airport experience for passengers who travel through Manchester.

“I’m delighted to be announcing the go-ahead for the final phase, which will open in 2025, connecting the people and businesses of the north to dozens more global destinations, and creating jobs and stimulating increased levels of trade and tourism.”

Mace will serve as the project management and construction delivery specialist for the T2 upgrade and the second phase construction of the new Pier 2.