Dubai is aiming to raise an initial finance package of $3bn to fund its airport expansion plans, according to the official Dubai Media Office.

Dubai Department of Finance, Investment Corporation of Dubai (ICD) and Dubai Aviation City Corporation (DACC) will coordinate to raise finance jointly.

The UK’s HSBC is the financial adviser.

They will tap both conventional and Islamic sources.

“Dubai remains firmly committed to the development of Al-Maktoum International airport and to the growth of the global aviation sector, and this initial $3bn transaction to support Dubai’s ambitious 2025 passenger capacity targets is testament to our belief,” said Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai’s Supreme Fiscal Committee.

Dubai’s two airports aim to reach a capacity of 146 million passengers by 2025, when its flagship airline Emirates moves to Al-Maktoum International.

The $33bn expansion of Al Maktoum International will make it the biggest in the world by 2050 with the capacity to handle 255 million passengers a year. The planned construction work includes the new terminal building, six nodes or concourses connected to the terminal by people-movers, and new runways.

An expansion to the existing terminal at the airport is also under way.

The local Tristar was awarded the site preparation works contract in July. Bids for an infrastructure package are due in early November.

Dubai Aviation Engineering Projects (DAEP) is the project owner. For consultants, Lebanon’s Dar al-Handasah (Shair & Partners) has been appointed for the design and supervision of the passenger terminal building and other landside areas.

The financing could also involve export credit agencies (ECAs). Italy’s Sace signed a memorandum of understanding (MoU) with Dubai Aviation City Corporation (DACC) to provide €1bn ($1.14bn) of credit for the Dubai South development in 2015, while UK Export Finance has offered $2bn of export credit guarantees.