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Private jets will thrive in the Middle East

The private jet industry in the Middle East is forecasted to grow by around 11 percent by this year; and experts say that it will have an annual growth rate of 6.2 percent until 2018 as more and more millionaires continue to rise in the region.

Despite the unfavorable economic conditions, the private jet market in the Middle East is expected to see high numbers.

“In 2005, the number of high net worth individuals (HNWIs) was around 0.25 million in the Middle East, accounting for nearly 3 percent of the global HNWI population,” explained John Siddharth, an analyst from Frost & Sullivan. “This is anticipated to become 5 percent or approximately 0.7 million by 2012, positively impacting the market’s prospects.”

The consultancy firm estimated that the Middle Eastern taxi sector reeled in over $490 million last year. The firm also said that the region continues to display wonderful potential, particularly private jets.

Based on research statistics, Frost & Sullivan said that Saudi Arabia holds about 37 percent of the market in the Middle East, while the United Arab Emirates (UAE) holds around 24 percent.

Source: Maktoob business