Dubai Aerospace Enterprise, which plans to offer aviation services ranging from aircraft leasing to airport operations, said on Thursday it expected to generate sales of up to USD$2 billion by 2016 by running airports in Asia.
The state-backed firm launched on Sunday its entry into the aerospace industry equipped with USD$15 billion in investment funds.
"We would like to reach sales of USD$2 billion within 10 years," Dubai Aerospace project director Rashid Al Malik told reporters at the Asian Aerospace air show.
The Gulf emirate company aims to develop new airports in Asia's emerging markets, through deals to build and operate airports under one contract. Its business could also include expanding and managing existing airports.
The group's managing director, Mohammed Al Zarouni, said on Wednesday that he expected to win contracts to run airports in India, Asia's third-biggest economy, this year.
Al Malik said the company could be listed on the stock market at some point in the future but this depended on its owners. He declined to say when he expected the group to make a profit.
The group's founders are the government of Dubai, its investment arm Dubai International Capital, property developer Emaar Properties, private investment firm Istithmar, mortgage lender Amlak Finance, the Dubai Airport Free Zone Authority and the Dubai International Financial Centre, a financial free-zone.
