Business | Aviation

Private jet market will grow by 20%

Region's wealthy opting to use charter aircraft in place of commercial services.

  • By Suzanne Fenton, Staff Reporter
  • Published: 23:02 July 12, 2009
  • Gulf News

Dubai: International Air Charter (IAC), one of the world's largest independent private jet charter brokers, is consolidating its network in the Middle East as it predicts the regional market will expand 15 to 20 per cent this year.

This growth will be driven strongly by the increasing use of charter jets by the region's wealthy who favour it over commercial airline services.

The Middle East market offers solid long-term potential that will enable the company to achieve its ambitious targets in 2009.

IAC grew 40 per cent at the end of 2008.

IAC has a strong client base among ruling families and chief executives - a base that is increasing. And with its access to 50,000 aircraft worldwide through its Computerised Aircraft Tracking System (CATS), it is able to deliver private jet services within a two hour time frame.

"The Middle East has emerged as the new frontier for our growth initiatives as an increasing number of the region's elite and affluent are moving to our charter jet services as a convenient means of transport. We have particularly noted a significant increase in traffic between the Middle East and Europe and we intend to leverage our strong presence in key European destinations," said Elie Abdo, IAC managing partner, Middle East.

Statistics from the Centre for Asia Pacific Aviation (CAPA) show that the corporate jet market here in the Middle East has grown an average of 13 per cent every year over the last nine years.

In 2000 there were 200 corporate jets based in the Middle East. This figure has rocketed in size to reach 450 in 2008 and further growth is estimated over the next few years.

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