Executive aviation emerges as key growth sector in the Middle East
The market for small and medium-sized business jets in the Middle East continues to expand at a rapid pace, emerging as a key growth area in the region's aviation sector.
A number of structural factors in the Gulf – including the lack of viable surface transport options, rising demand for greater security in aviation and growing awareness of the productivity benefits of deploying executive jets – has driven market growth by as much as 22 percent in recent months.
In addition, major events like annual meetings of the World Bank and International Monetary Fund (IMF) in Dubai, and the forthcoming Dubai Airshow are creating 'spikes' in demand across the region for convenient, confidential air travel options. Organizations hosting VIPs from outside the Middle East for meetings in multiple locations, and companies that regularly conduct business at a number of sites are among the main groups currently investigating options for chartering or purchasing business jets.
One reaction to this rising demand has been the emergence of a number of new charter executive Jet suppliers in the summer of 2003, including the launch of companies in Abu Dhabi, Kuwait City and Bahrain. Industry experts have noted that this expansion of the market – accompanied by the growth of associated support and services – suggests that the Middle East's executive aviation market is maturing at a rapid rate.
“The executive aviation sector in the Middle East has really picked up the pace in recent months, to the point where it's gaining the attention of interested companies around the world,” said Managing Director of ExecuJet Middle East, Horm Irani.
Avionics giant Honeywell recently released figures suggesting that the total global value of business jet sales will be worth around $136 billion between now and 2011. When combined with revenue generated by charter services, aviation consulting, maintenance and aircraft services, the overall market size adds up to a highly valuable segment, and one in which the Middle East could emerge as a key territory.
ExecuJet Middle East was established in 1999 and is based at Dubai International Airport. The company provides a complete set of aviation services associated with the sale, operation, management, charter and support of modern high-technology business jets, serving customers throughout the Middle East, North Africa and Europe. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
- Growth of Middle East and Asian economies will drive oil & gas sector, says Saeed Khoory
- Mideast aviation sector to expand 11% in 2012
- IT services hold key to growth of Middle East technology sector
- Alpen Capital predicts strong growth for the GCC Aviation sector
- Mideast, Asian economies’ growth to drive oil and gas sector