Mid-East business aviation market to rise to $1bn by 2012, says industry chief

Oil-rich Gulf Cooperation Council (GCC) countries are instrumental to the continued expansion of the Middle East business aviation market, which is the fastest growing in the world, said one of the industry's leading players.
Ali Al Naqbi, founding chairman of the Middle East Business Aviation Association (MEBAA) - the organisation behind the Middle East Business Aviation (MEBA) show, which takes place this November - said that massive growth rates of 15-20% per annum were predicted for the regional business jets market and that its overall worth should top $1bn by 2012.
And Al Naqbi, who is currently on a regional road show to Saudi Arabia, Kuwait, Qatar and Bahrain, also remained upbeat that the regional business aviation market, which currently boasts a fleet of around 300 aircraft comprised mainly of high-end category jets, would prove durable to the global financial downturn.
"Despite uncertain global economic conditions, the Middle East's resilient business aviation sector continues to fly ahead. New operators are setting up facilities, established players are consolidating their market positions and buyers are actively seeking out private transportation to meet growing demands for fast turn around and convenient international travel solutions," he said.
"Many of the GCC countries, such as Saudi Arabia and the UAE, have blazed a trail for private charter aviation in the Middle East and with significant investment in infrastructure to accommodate growth we are seeing more and more companies increasing their presence here to capitalise on this potential."
According to Al Naqbi, business aviation is set to account for 40 per cent of the Middle East's overall aerospace market within four years. However, he is adamant that even more needs to be done to contribute to regional expansion and encouraged more local companies to join MEBAA - the regional association established to represent the sector in the local and international aviation arenas - and attend MEBA 2008 at Dubai Airport Expo, November 16-18th.
"By the time the show kicks off we will have more than 250 exhibitors, making this year's edition triple the size of 2007," he said, adding that the event is organised and run by renowned international exhibitions company, F&E Aerospace. "We think these figures are a good indication of the event's importance to the regional industry and they serve as a clear barometer as to where the sector is heading.
"We have been pleased with how the membership of MEBAA has progressed this year. We now have around 150 members from a start-up number of just 16 and we are aiming for 300 in four years' time.