Published by Global Banking & Finance Review®
Posted on February 25, 2026
2 min readLast updated: April 2, 2026
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Heathrow projects 85m passengers in 2026, a 0.6% rise from 2025, and urges a framework to attract private capital for its £33bn expansion. Government-backed third runway targets consent by 2029 and first flights in 2035.
LONDON, Feb 25 (Reuters) - Istanbul will overtake Heathrow as Europe's busiest hub this year or the next, the London airport's chief executive said, bolstering its case to build a new runway after decades of political delays and reversals.
"I would definitely expect maybe that to happen this year, maybe next year," Heathrow CEO Thomas Woldbye told Reuters on Wednesday.
The London hub has two runways compared with Istanbul's five and is operating near full capacity.
SEEKING GROWTH
Heathrow, in the west of London, received approval last year from finance minister Rachel Reeves to build a new runway as part of plans to revive the stagnating economy.
The airport, owned by France's Ardian, the Qatar Investment Authority, Saudi Arabia's Public Investment Fund and others, said expansion would require a framework that incentivises investment.
"It's not so different from what it is today," Woldbye said of the sort of framework Heathrow shareholders were looking for to get them to fund the 33 billion pound ($44.6 billion) project, the price of which rises to 49 billion pounds if the cost of a new terminal and other improvements are included.
Heathrow is currently gearing up for the years-long planning process, with lawmakers expected to vote on the issue later this year.
Woldbye said he was confident the government was steadfast despite its reputation for u-turns, citing its need to grow the economy.
"This project is one of the single biggest projects to deliver just that," he said.
Heathrow said it expected 85 million passengers this year, up from 84.5 million passengers last year with the growth coming from larger planes with more seats.
Flights from Heathrow's new runway are targeted for 2035, with final planning consent required by 2029.
($1 = 0.7401 pounds)
(Reporting by Sarah Young, Editing by Paul Sandle and Nivedita Bhattacharjee)
Heathrow Airport forecasts 85 million passengers in 2026—up 0.6%—while advancing a £33bn expansion that includes a third runway backed by the UK finance minister.
Heathrow is owned by investors including Ardian, the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund. Shareholders received £550 million in dividends for the financial year.
Planning consent is targeted by 2029, with flights from the new runway aimed for 2035. Lawmakers are due to vote on the expansion later in 2026.
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