- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:26 06:45 12:11 15:10 17:32 18:50
Maintenance, Repair and Overhaul (MRO) demand in the Middle East is set to reach $4.8 billion (Dh17.63bn) by 2019, an increase by 7.6 per cent, said David Steward, Partner at Aerostrategy, a UK-based consultancy.
Steward was speaking at the MRO Middle East conference, part of the exhibition cum show held in Dubai as part of Aerospace Week that began yesterday and goes on till March 4.
The event was inaugurated by Sheikh Ahmed bin Saeed Al Maktoum, Chairman, Dubai Airports and Emirates Group. "There will be long-term growth in the region," he said. The Middle East MRO demand is forecast to outpace global market growth which is set to grow 3.2 per cent year-on-year till 2019. The global market will reach $58.4bn over the same period with slow growth but high base, he added.
Referring to International Air Transport Association data showing the region's 11 per cent growth in passenger traffic in 2009 as the world's highest, Stewart said: "Greater airline activity typically drives growth in MRO spend, so MRO suppliers serving the Middle East will likely see greater growth rates than in other regions. However, competition will increase and firms need to be intelligent and nimble about identifying business opportunities."
Industry experts at the MRO conference said growth in the Middle East will continue with about 60 to 90 per cent of MRO related work being outsourced from the region.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.