Dubai: Private jet operator Royal Jet expects its 2011 revenue to grow by 12-15 per cent despite the turmoil in regional and global markets, the Abu Dhabi-based company's President and CEO Shane Jeffree O'Hare told Gulf News.

"This year we will see somewhere between 12 per cent and 15 per cent growth in our company's overall revenues, which is a good, steady, normal growth pattern for us," he said, adding that Saudi Arabia is the company's largest market in the Middle East, having recorded 15 per cent growth last year.

In focus: Arabian Travel Market

Commenting on how the poor market conditions impacted Royal Jet's business last year, O'Hare said that the majority of the company's market was "stable" during the recession, "except for the corporate market, which affected our business by about "20 per cent" in the Middle East region.

"But it was offset by the other segment — business from the government, which accounts for about 25 per cent of Royal Jet's business," he said. "So yes, Royal Jet was somewhat affected during the economic downturn."

He added that from December 2010 onwards, the company has started to "get back to some of the pre-recession levels of demand" from different segments of the market, with corporate coming back.

That helped Royal Jet to meet its expectations for first quarter this year, O'Hare said, without divulging specific numbers. "We are very satisfied with the position we are in now," he said.

Commenting on the private jets market size in the region, O'Hare said Royal Jet estimated the market to be worth "half a billion US dollars" until 2010. "And I expect it will remain at the same level for the next few years."

Royal Jet, which yesterday signed a commercial agreement — Premium Connect — with Etihad Airways during the Arabian Travel Market, plans to launch the second phase of the deal in the next three months, O'Hare told Gulf News.

"In the second phase of this deal, we will finalise elements like the mechanics — pricing mechanism and the actual promotion of the services to the market."

The new service between the two companies will enable Etihad guests — typically the First Class customers — to access personalised service to single or multiple destinations beyond Etihad's extensive network.

When asked how this would translate in revenues for Royal Jet, O'Hare said: "It is purely a commercial agreement at this stage. But it would benefit Royal Jet and we would expect — over time — a significant increase in our overall revenues from this partnership."

Royal Jet is satisfied with its current fleet of 11 aircraft and sees no need to place additional orders at this point of time, O'Hare said.

"We are happy with our fleet size and composition right now. But we are always looking ahead."

The company's fleet comprises six BBJs (Boeing Business Jets), three Gulfstream aircraft and one Embraer Lineage 1000 and a Learjet 60.