DIFC buys stake in Empire Aviation

Dubai: Dubai International Financial Centre Investments and Zabeel Investments have signed an agreement to acquire an unspecified strategic stake in Empire Aviation Group (EAG).

EAG is a general business aviation company, founded in the UAE in 2007 to manage the regional aviation interests of the Emirates Investments Group.

"This agreement and its expected success will further encourage huge investments and capital flow into this attractive business opportunity," said Mohammad Ali Al Hashimi, executive chairman, Zabeel Investments.

EAG recently signed a distributor agreement with Hawker Beechcraft Corporation for aircraft sales and support in the GCC and Pakistan through its Empire Aircraft Sales subsidiary. The agreement grants EAG exclusive distribution rights in a number of key countries.

"The reputation we have earned in the business aviation industry can be attributed to the successful implementation of our long term strategy," said Shaikh Tariq Bin Faisal Al Qasimi, chairman of EAG and Emirates Investments Group.

The Middle East accounts for only two per cent of the global private jet market. Aerospace experts predict that business and commercial aviation companies will need more than 25,700 aircraft over the next 20 years to meet growing demand.