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Dubai: Business aviation in the Middle East is expected to generate roughly Dh3 billion ($800 million) in a few years' time, said a top official.
Soaring fuel prices are in no way restricting global jet sales due to increasing demand from Middle East customers, said Shaikh Ahmad Bin Saeed Al Maktoum, president of Dubai Civil Aviation Authority and chairman and chief executive of Emirates Group.
"The Middle East business aviation market is expected to reach $800 million by 2012," Shaikh Ahmad added in a statement.
"The movement of small business planes in the Middle East is growing by 18 per cent a year compared with the global average of 10 per cent.
This in turn is boosting global sales despite increasing fuel prices and the US credit crisis which has seen fewer Americans placing orders for private jets last year."
Shaikh Ahmad's comments came as he announced that Dubai World Central (DWC) - the 140 square kilometre urban aviation, multi-phased development in Dubai - would be speaking to several key business jet manufacturers at the 46th edition of the Farnborough International Airshow on July 14-20.
Industry reports expect the aviation sector to grow at more than 30 per cent annually for the next five years.
The impressive over nine per cent growth in the Middle East maintenance, repair and overhaul (MRO) market is expected to continue over the same period.
Khalifa Al Zafein, executive chairman of DWC, said: "The Middle East's share of the overall aviation market in the region is expected to double to 40 per cent and with DWC building the region's largest executive jet terminal with an eventual handling capacity of 100,000 flight movements annually, the region will have unrestrained capacity for business aviation flights."
The $1.36 billion DWC Aviation City will be home to DWC's executive jet terminal and the world's largest MRO centre, is attracting many operators to establish their base at the adjacent Al Maktoum International Airport, set to be the world's largest.
Al Maktoum International Airport has been designed to handle in excess of 120-150 million passengers and 12 million tonnes of cargo annually.
"Dubai has seen a 30 per cent increase in executive flights in the last three years. Last year saw nearly 9,000 executive jet movements at Dubai International Airport,"said Abdullah Al Quraishi, CEO of DWC Aviation City.
According to industry watchdogs, manufacturers expect to sell over 1,250 jets this year as compared to 1,138 in 2007. Presently, there are 22 private jet operators in the Middle East.
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