Beijing’s $63 billion airport begins operations

The airport was built in less than five years. Shaped like a phoenix the airport was designed by famed Iraqi-born architect Zaha Hadid. (Reuters)
Updated 28 October 2019
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Beijing’s $63 billion airport begins operations

  • 50 foreign airlines to move all or part of their China operations to the airport
  • The relocation of all the airlines, which will use Daxing is to due to be completed by the winter of 2021

BEIJING: Beijing’s new $63 billion Daxing airport began its first scheduled international flights on Sunday as it ramped up operations to help relieve pressure on the city’s existing Capital airport.

Shaped like a phoenix — though to some observers it is more reminiscent of a starfish — the airport was designed by famed Iraqi-born architect Zaha Hadid, and formally opened in late September ahead of the Oct. 1 celebrations of the 70th anniversary of the People’s Republic of China.

It boasts four runways and is expected to handle up to 72 million passengers a year by 2025, eventually reaching 100 million.

China Southern Airlines and China Eastern Airlines will be the main domestic carriers at Daxing, though Air China will provide a small number of flights too.

An Air China flight to Bangkok was the first international flight to leave on Sunday, while British Airways will operate the first transcontinental flight, to London.

About 50 foreign airlines, including Finnair, plan to move all or part of their China operations to the airport in the coming quarters.

The relocation of all the airlines, which will use Daxing is to due to be completed by the winter of 2021. Air China and its Star Alliance partners will remain mostly at Capital airport.

The airport, roughly the size of 100 football fields and expected to become one of the world’s busiest, has come in for some criticism due to its distance from central Beijing.

By public transport it takes over an hour to reach it from Beijing’s central business district, more than double the time needed to reach Capital airport, which strains at the seams and is often hit by delays.

Officials say Daxing airport is not only designed to serve Beijing, but also the surrounding province of Hebei and next-door city of Tianjin, to boost regional development.


ESG sukuk set to exceed $70bn by 2026 end: Fitch 

Updated 9 sec ago
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ESG sukuk set to exceed $70bn by 2026 end: Fitch 

RIYADH: The global market for environmental, social and governance sukuk is on track to exceed $70 billion in outstanding value by the end of 2026, supported by refinancing needs, funding diversification and sustainability mandates, according to Fitch Ratings. 

Momentum in ESG sukuk issuance is expected to continue as net-zero targets, the prospect of lower interest rates and oil prices, and expanding regulatory frameworks encourage issuers across emerging markets, the ratings agency said in a report published this month. 

ESG sukuk are structured to finance environmentally and socially sustainable projects, including renewable energy, clean transportation and climate-resilient infrastructure. 

Earlier this month, a separate report by S&P Global set out similar views, noting that ESG sukuk issuance is set to accelerate as Gulf Cooperation Council countries step up climate transition efforts and roll out incentives for sustainable practices. 

Commenting on the Fitch report, Bashar Al-Natoor, global head of Islamic finance at the agency, said: “We expect ESG sukuk to maintain its solid momentum into 2026, supported by sustainability mandates, net-zero targets, new frameworks, robust demand, along with the upcoming Turkiye-hosted COP31.” 

He added: “While evolving Shariah and ESG requirements, geopolitical tensions and greenwashing remain key risks, the credit profile is robust: 92 percent of rated ESG sukuk are investment grade, all issuers have Stable Outlooks, and there have been no defaults.” 

According to Fitch, ESG sukuk accounted for around 40 percent of emerging-market ESG debt issuance in US dollar terms in 2025, up from 18 percent in 2024. 

Global ESG sukuk issuance rose more than 60 percent year on year to $18.5 billion in 2025, with Saudi Arabia accounting for 33 percent of the total. 

Malaysia followed with a 28 percent share, while the UAE and Indonesia accounted for 19 percent and 9 percent, respectively. 

Outstanding ESG sukuk reached $58 billion at the end of 2025, representing a 30 percent year-on-year increase. 

The report noted that social sukuk are also gaining traction globally, alongside sustainability-linked, orange and climate sukuk. 

Recent developments include Pakistan issuing its first sovereign green sukuk and Oman Electricity Transmission Co. SAOC launching Oman’s first ESG sukuk. 

Highlighting regulatory progress, Fitch said Malaysia has granted tax exemptions for Sustainable and Responsible Investment sukuk under its income tax rules. 
 
“Saudi Arabia’s Capital Market Authority issued guidelines for green, social, sustainable and sustainability-linked debt, while Qatar’s central bank launched a Sustainable Finance Framework. In addition, the UAE’s central bank has begun developing a Sustainable Islamic M-Bills program,” the agency said.