Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohamed bin Rashid Al Maktoum attend lunch reception hosted by Sheikh Nasser bin Hamad Al Khalifa in Dubai

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai approved designs for the new passenger terminal at Al Maktoum International Airport, which is set to be the largest in the world after becoming fully operational.

The new terminal will handle a passenger capacity of 260 million annually and is set to be built for AED 128 billion. The approval was announced during Sheikh Mohammed's visit to the Dubai Aviation Engineering Projects on Sunday.

He was accompanied by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council alongside Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.

"Today, we approved the designs for the new passenger terminal at Al Maktoum International Airport, and commencing construction of the building at a cost of AED128 billion as part of Dubai Aviation Corporation's strategy," Sheikh Mohammed was quoted as saying by WAM.

He noted that Al Maktoum International Airport will be five times bigger compared to the current Dubai International Airport, noting that all operations of Dubai International Airport will be transferred to Al Maktoum International Airport in the future as it will be able to accommodate 400 aircraft gates and feature five parallel runways.

"New aviation technologies will be employed for the first time in the aviation sector," he said, adding, "As we build an entire city around the airport in Dubai South, demand for housing for a million people will follow. It will host the world's leading companies in the logistics and air transport sectors."

"We are building a new project for future generations, ensuring continuous and stable development for our children and their children in turn. Dubai will be the world's airport, its port, its urban hub, and its new global centre," Sheikh Mohammed added.

Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai; Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Aviation City Corporation, Chairman of Dubai Civil Aviation Authority, and Chairman and Chief Executive of Emirates Airline and Group; and Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Chairman of the Dubai Executive Office, were also present during the announcement.

"With the continuous support and blessings of... Sheikh Mohammed and in keeping with his vision for the Aviation industry in Dubai, we announce the commencement of the design and construction process for the new airport at Jebel Ali. It is expected that the first phase of the project will be ready within a period of 10 years, with a capacity to accommodate 150 million passengers annually," Sheikh Ahmed bin Saeed said.

Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation, said the project will positively impact the economy.