High-performance bizjets to remain market drivers in the Middle East
A report by aircraft sales, acquisitions and fleet management company, ArcosJet, finds that larger business jets dominate in the Middle East business jet fleet with a 67-percent share of 500+ aircraft operated in the interests of local owners.
The company's experts expect business liners (up to 18% of the local fleet), long range (22%) and large bizjets (27%) to be the most stable niche in the market in the nearest future, fueled by COVID 2019’s impact on air transportation system, UHNWI growth forecast, and overall economy conditions.
"That is the characteristic of the region. Someone from the Middle East can only reach the closest world economic and financial centers in Asia or Europe with a minimum 5 to 8-hour flight time, not to mention going to the USA," says Mikhail Alenkin, ArcosJet CEO and founder. "This and the need to travel in large groups and families with a lot of baggage obviously makes the flight range, cabin size and baggage capacity key parameters when choosing the right aircraft."
The largest share of 67% of the local fleet belongs to three leading countries: Turkey, UAE, and Saudi Arabia. Bombardier and Gulfstream line-ups are the most popular choices, followed by Cessna, Hawker Beechcraft, and Dassault. Boeing and Airbus jointly hold a remarkably high share of up to 18%.
ArcosJet sees high demand for longer range business jets in the Middle East and expects this trend to continue at least for the next few months, while this niche should remain stable for an even longer period.
"This is backed by the overall situation in the world business jet market, a high concentration of UHNWI in the region, and a strong rebound in global oil demand", Mehrzad Sepasi, ArcosJet Director of Sales and Business Development explains.
An aircraft broker and advisor firm with a proven history of transactions focusing on Russia, the CIS, Europe and the Middle East, ArcosJet keeps an eye on the latest market changes for a better understanding of the actual trends and customer needs, staying on the front line of new challenges and opportunities. The company shares some market highlights with its customers and the business community to support further development of a friendly, transparent, and client-oriented business environment.
BlueSky Business Aviation News | 11th November 2021 | Issue #629