London City Airport (IATA: LCY, ICAO: EGLC) is a single-runway airport, for use by STOL (Short Take Off and Landing) airliners, and principally serving the financial districts of London. It is located on a former Docklands site, 6 NM (11 km; 6.9 mi) east of the City of London, opposite the London Regatta Centre, in the London Borough of Newham in East London, England. It was developed by the engineering company Mowlem in 1986/87. In 2007 London City was the fifth busiest airport, passengers and movements, serving the London area after Heathrow, Gatwick, Stansted and Luton and the 15th busiest in the UK. London City Airport has a CAA Public Use Aerodrome Licence (Number P728) that allows flights for the public transport of passengers or for flying instruction. Only multi-engine, fixed-wing aircraft with special aircraft and aircrew certification to fly 5.5 degree approaches are allowed to conduct operations at London City Airport. The airport has produced a master plan outlining their vision for growth up to 2030. The plan shows an expansion of the airport to a maximum capacity of 8 million passengers per annum, without the addition of a second runway, or significant expansion of the airport boundaries. London City Airport was purchased from the Irish billionaire Dermot Desmond, in October 2006 by a consortium comprising AIG Financial Products Corp. and Global Infrastructure Partners (GIP) for an undisclosed sum. In the final quarter of 2008 GIP became the sole owners of the airport. In 2007, London City Airport served a record 2.9 million passengers: a 23 per cent rise over 2006. In 2008, the airport carried 3.3 million passengers: a 12 per cent rise over 2007.