Annual revenue of Royal Jet, the Abu Dhabi-based executive flight service operator, will cross Dh128.45 million this year ($35 million), said a senior official.
The company is expected to issue a tender for its new fixed base operation (FBO) facility sometime next year, estimated to cost Dh91 million ($25 million).
Royal Jet was established by Abu Dhabi Aviation and Amiri Flight to explore the growing business jet market in the region. The company has received a strong response from the regional market.
The company is expected to increase its fleet size by adding two more next year, from nine to 11.
"We started in May 2003 with three aircraft and 39 employees. Now we have nine aircraft and 250 employees," said Ali Al Naqbi, Amiri Flight's director finance and administration and Royal Jet's board member.
"We are also acquiring a RJ 70 aircraft that will join our fleet in April 2006."
Business aviation leaders echoed his opinion, saying, the market is growing at an exponential rate, driven by the growth in economy.
"Business aviation increases productivity of people by saving time a fact the Arab businessmen are gradually realising," said Jack Olcott of General Aero Co, USA.
Wilson Leach, managing director of Aviation International News, said, the business jet market has grown five times during the last 12 years.
Meanwhile, at the Middle East Business Aviation (MEBA) conference, Al Naqbi proposed the formation of an association for MEBA.
"Today we propose to create Middle East Business Aviation Association (MEBAA) that will be based in the UAE and represent the GCC's business jet market," he said.
Jack Olcott, conference chairman, on behalf on the delegates, endorsed the initiative.
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