New analysis from Global Jet Capital, a global provider of financing solutions for corporate aircraft, reveals that 69.4% of business aircraft in the Middle East are medium sized to large jets. This is more than three times the figure for the global fleet, of which 18.4% are in that size bracket.
While the Middle East accounts for just 1.9% of the world’s business aircraft, 7.4% of all medium sized to large jets around the globe are based in the region, reports Aviationnews.
Over the past five years, 127 new mid-sized to large business aircraft have been delivered to the Middle East, with the UAE receiving the greatest number with 32 aircraft, followed by Turkey and Saudi Arabia.
Business aviation in the region was the subject of a recent event which saw 150 senior business aviation professionals from across the Middle East come together to discuss the future of the sector.
Simon Davies, Vice President Sales, Middle East and India for Global Jet Capital, spoke at the Corporate Jet Investor Dubai event and examined the issue of aircraft financing. He said: “The Middle East business aviation market is heavily weighted towards larger aircraft with typical purchase prices ranging from US$25-75million. Up to 80% of this will be sourced through external financing and as these types of aircraft are our specialism we are seeing an increasing number of enquiries from clients in the region.