For a number of years now, Ireland has been the leading centre for aircraft leasing globally, representing around US$100 billion in assets, but Dublin Airport lacked the necessary runway size to handle some large, long-haul aircraft types. This was obviously something that needed to be amended to ensure continued global competitiveness in the aviation area.
This week the new “North Runway” opened on Wednesday 24th August 2022 at Dublin Airport and the first flight (Ryanair flight FR1964 to Eindhoven) took off at midday to mark the occasion. The project cost €320 million, but it is projected to generate €2.2 billion in additional economic activity along with 31,200 new jobs according to the Dublin Airport Authority (DAA)
The organisation that approves runways for use with aircraft based on pre-determined categories is the European Aviation Safety Agency (EASA). The new North Runway at Dublin Airport is 3,110 metres long and covers 306,000 square metres of concrete. This means it is classed as a Category IIIB runway by EASA and can accommodate large, long-haul aircraft such as the Boeing 747-8 and Airbus A380-800.
This will open up a lot of new Aircraft Leasing opportunities, and potentially may open the doors to Dublin becoming a main transit hub for flights between the Americas and Europe, given Ireland’s strategic location in Western Europe on the edge of the Atlantic Ocean.
At City Colleges, we have been running a successful Professional Diploma in Aviation Leasing and Finance for years now with lectures given by industry professionals. If you are interested in getting into this fast-growing area and want to learn more, click here to find out about our next diploma starting in September 2022.
Dr Nigel Callinan
Dean of College of Business & Finance – City Colleges