London's Heathrow to invest nearly $3 bn to upgrade airport over 2 years

Heathrow said on Wednesday it planned to invest 2.3 billion pounds ($2.92 billion) over the next two years to upgrade Britain's busiest airport. 

The investment is an uplift of 244 million pounds on previously forecasted investments, it said, and comes just days after Saudi Arabia's sovereign wealth fund PIF and French investment firm Ardian completed their more than 37% stake acquisition in the airport. 

The capital will be used to improve all terminals, including baggage delivery and projects to support punctual departures and arrivals, Heathrow said in a statement. 

The investment, which includes about 1.05 billion pounds spending on the airport's infrastructure in 2025, compares with a 1.1 billion pound investment in the airport in 2024. 

"Today's announcement confirms that we will continue to invest more than 1 billion pounds of private sector cash each year into the airport to deliver facilities our airlines and passengers want," Heathrow CEO Thomas Woldbye said.