The new terminal - which will be used solely by Emirates Airlines - will bring in aircraft from regional destinations such as Oman, Saudi Arabia and Kuwait, as well as long-haul routes from the USA, Canada and Brazil.
Further development at the terminal will see more routes opened up to Africa, Europe, the Far East and Australia.
Such an expansion may help boost the growing property market in the country further by encouraging more investors to come to the country.
In Dubai itself building work continues as the property market carries on growing.
Earlier this month UAE developer Tameer unveiled details of the winning bid to construct a new mixed-use skyscraper in the city.
The Anara Tower will be one of the tallest in the world, the firm has said.
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