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Middle East Healthy Growth Prospects for Private Jet Market
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Middle East Healthy Growth Prospects for Private Jet Market

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One of the biggest independent private jet charter brokers International Air Charter (IAC) is strengthening its network in the Middle East region as according to its prediction the market in the region will go up by 15-20% in 2009, reported zawya.

Data released by the Centre for Asia Pacific (CAPA) depict that the Middle East's corporate jet market registered an average 13% annual growth in the past nine years. 200 corporate jets were based in the region in 2000 and in 2008, this number reached 450. More of the growth is expected in the coming few years.

The projected growth in the future will mainly be due to the surging use of charter jets by the wealthy people in the region, who prefer these jets over the commercial airlines. The market in the Middle East promises strong long-term growth potential, which will enable IAC to attain its ambitious goals for 2009.

IAC is having a huge client base that ranges from affluent families to chief executives, and this is on a constant upsurge. Moreover, due to its access to 50,000 aircraft around the world via Computerized Aircraft Tracking System (CATS), IAC can deliver private jet services just in a couple of hours.

IAC managing partner for the Middle East, Elie Abdo, said, "The Middle East has emerged as the new frontier for our growth initiatives as an increasing number of the region's elite and affluent are moving to our charter jet services as a convenient means of transport," reported bi-me on July 12, 2009.

In the next two decades, the Middle East airlines will be required to buy a minimum of 1500 airplanes of an estimated worth of US$ 250 Billion, says a research report "Aerospace Industry Forecast to 2013" from RNCOS. This rapid pace of expansion will mean that the Middle East's carriers will have world's one of the youngest fleets.

According to a Research Analyst at RNCOS, "Industry statistics reveal that the Middle East business aviation industry is performing appreciably well as compared to other regions, bucking the present economic trend. In future also, business jet flights will remain high in demand from the high-end travelers. Moreover, growth prospects remain sound for the industry as the people are waiting for the economic catastrophe to get over."

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