Mideast to receive 200 new private jets by 2015
Over 200 business jets are due to be delivered to Middle East consumers over the next five years, with the region seeing solid growth amid a global slowdown.
The estimate, by consultancy firm Frost & Sullivan, also revealed that the Middle East garners around six percent of the global business jets market. In addition, another 400 units are expected to be ordered in the next eight years.
“The region’s charter industry has seen significant growth in the recent years to its present value of $500m, as the demand for luxury private charter jets and services continue to rise as a result of business strategy revamps, mergers and acquisition among global companies,” said Biju Jayaraaj, CEO of Artaaj, who was speaking in advance of ‘Big Boys Toys’, an exhibition in Abu Dhabi that will take place in February.
While the global market has slowed, penetration in the Gulf region remains high in comparison. Business advisory firm AlixPartners predicted last month that 746 were likely to be delivered worldwide in 2010, with 816 in 2011 and 989 in 2012.
The company also said that larger jets will continue to predominate in the sector as distances travelled tend to be longer.
As a result, jets manufactured by Gulfstream and Bombardier dominate the pipeline of ordered jets with 41 percent of the installed base.