Airport Economic Zone to drive growth in the Gatwick region
- Airport Economic Zone (AEZ) launched at London Gatwick’s annual Economic Summit.
- The AEZ initiative builds on the 76,500 UK jobs and £5.5 billion GVA London Gatwick already contributes to the UK economy every year.
- Announcement comes as London Gatwick awaits planning approval for the Northern Runway Project, a £2.2 billion investment that will create 14,000 jobs and generate £1 billion economic benefit.
Regional businesses leaders and local authorities met this week at London Gatwick’s annual Economic Summit to discuss opportunities to unlock economic growth through a new Airport Economic Zone (AEZ).
The AEZ will bring together a taskforce of senior economic development and business leaders, including representatives from the UK’s Department for Business and Trade, from across the six local authority areas within the Gatwick region early next month.
London Gatwick is already a major catalyst for growth, contributing 76,500 jobs and £5.5 billion to the UK economy every year. The AEZ aims to build on this regionally, by unlocking new trade, tourism, and benefits for business, and attracting global investment for the region, in line with some of the priorities identified in the Government’s Industrial Strategy Green Paper.
The airport is also awaiting a government decision on a £2.2 billion investment plan to bring its existing standby Northern Runway into routine use, which if approved will create a further 14,000 jobs and generate £1 billion in economic benefits every year. These plans include an Employment, Skills, and Business Strategy, supported by a £20 million fund, which would provide a further funding boost the AEZ.
Stewart Wingate, CEO, London Gatwick said: “London Gatwick has a strong track record as a catalyst for regional growth. We are excited to be working with the community and business leaders to leverage what has already been achieved, promote the many benefits of the region and attract future inward investment.
Dawn Redpath, Surrey County Council's Director for Economy and Growth said: "We recognise the contribution Gatwick makes to our regional economy, creating employment opportunities, driving investment and supporting business growth.
"We know there is potential for the airport to deliver further benefits in the future and look forward to playing an active role in the Taskforce on behalf of our businesses and communities."
Notes to editors:
London Gatwick CEO Stewart Wingate announced the new Airport economic zone at the airport’s third annual Economic Summit this week (20 November). The independent taskforce will develop the Gatwick Region AEZ, promoting long-term sustainable economic growth and inward investment. The taskforce includes 13 economic and business stakeholders, including four local authorities.
With 41 million annual passengers, London Gatwick is the UK’s second largest and one of Europe’s top ten airports. It is a vital piece of national infrastructure that drives both the national and regional economies by generating £5.5 billion GVA and supporting over 76,000 jobs (2023). Almost 60 airlines fly from the airport to over 150 short-haul and more than 50 long-haul destinations. With a declared capacity of 55 movements an hour, London Gatwick is the most efficient single runway airport in the world.
The airport is located 28 miles south of the UK capital and is extremely well-connected, with more than a quarter of England’s population (15 million people) – including all of London – less than one hour away by road or rail. A six-year, £2 billion sustainable growth programme includes an ambitious plan to be a net zero airport by 2030 and to increase capacity by bringing the airport’s existing Northern Runway into routine use, alongside its Main Runway. Vinci Airports owns a 50.01% stake in the airport, with Global Infrastructure Partners managing the remaining 49.99%.
The world’s leading private airport operator, VINCI Airports operates more than 70 airports in 14 countries. Thanks to its expertise as a global integrator, VINCI Airports develops, finances, builds and manages airports by providing its investment capacity and its know-how in optimizing operational performance, modernizing infrastructure and managing their operations and environmental transition. VINCI Airports is the first airport operator to have committed to an international environmental strategy in 2016, to achieve the goal of net zero emissions across its entire network by 2050.
For more information:
Global Infrastructure Partners (GIP) is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. With decarbonization central to our investment thesis, we are well positioned to support the global energy transition. Headquartered in New York, GIP has offices in Brisbane, Dallas, Hong Kong, London, Melbourne, Mumbai, Singapore, Stamford and Sydney.
GIP has approximately $115 billion in assets under management. Our portfolio companies have combined annual revenues of approximately $71 billion and employ over 116,000 people. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our investors' capital and to create positive economic impact for communities. For more information, visit www.global-infra.com.
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London, UK, 14 November 2024
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