Istanbul will overtake Heathrow as Europe's busiest hub this year ​or the next, ⁠the London airport's chief executive said, bolstering its case to build ‌a new runway after decades of political delays and reversals.

"I would definitely expect maybe ​that to happen this year, maybe next year," Heathrow CEO Thomas Woldbye told ​Reuters on Wednesday.

The ​London hub has two runways compared with Istanbul's five and is operating near full capacity.

SEEKING GROWTH

Heathrow, in the west of ⁠London, received approval last year from finance minister Rachel Reeves to build a new runway as part of plans to revive the stagnating economy.

The airport, owned by France's Ardian, the Qatar Investment Authority, Saudi Arabia's Public ​Investment Fund ‌and others, said ⁠expansion would require ⁠a framework that incentivises investment.

"It's not so different from what it is today," ​Woldbye said of the sort of framework Heathrow ‌shareholders were looking for to get them to ⁠fund the 33 billion pound ($44.6 billion) project, the price of which rises to 49 billion pounds if the cost of a new terminal and other improvements are included.

Heathrow is currently gearing up for the years-long planning process, with lawmakers expected to vote on the issue later this year.

Woldbye said he was confident the government was steadfast despite its reputation for u-turns, citing its need to grow the economy.

"This ‌project is one of the single biggest projects ⁠to deliver just that," he said.

Heathrow said it ​expected 85 million passengers this year, up from 84.5 million passengers last year with the growth coming from larger planes with more seats.

Flights from Heathrow's ​new runway ‌are targeted for 2035, with final planning consent required ⁠by 2029. ($1 = 0.7401 pounds)

(Reporting ​by Sarah Young, Editing by Paul Sandle and Nivedita Bhattacharjee)