Dubai World Central, the 140 square kilometre urban aviation, multi-phased development in Dubai, is expected to hold talks with several key business jet manufacturers at the Farnborough International Airshow next week.
"The Middle East business aviation market is expected to reach $800 million (Dh2.93 billion) by 2012," said Sheikh Ahmed bin Saeed Al Maktoum, Chairman, Dubai City of Aviation Corporation – Dubai World Central and Chairman of Emirates Airline and Group. He said escalating fuel prices are in no way restricting global jet sales due to increasing demand from Middle East customers.
"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," Sheikh Ahmed said.
According to industry estimates, the aviation sector is set to grow at more than 30 per cent annually for the next five years besides witnessing a nine per cent for the Middle East MRO (maintenance, repair and overhaul) market over the same period
"The Middle East has a huge market for the business jet industry. Its share of the overall aviation market in the region is expected to double to 40 per cent and with Dubai World Central 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," said Executive Chairman Khalifa Al Zaffin.
According to industry watchdogs, manufacturers expect to sell 1,250 jets this year as compared to 1,138 in 2007. There are 22 private jet operators in the region.