MidEast Bizjet Sales Increase
As the graphs point persistently downward for business aircraft sales for the next two years, there are pockets of brightness and none is shinier than the Middle East market. Even the oil-rich area has been hit by the worldwide recession but business jet sales continue to increase and Maktoob Business reports that analysts predict an 11 percent jump in sales this year. That's in contrast to an overall drop of 37 percent in business jet sales worldwide. The increase in jet purchases is tied directly to the increase in the number of high net worth individuals in the region, according to analyst John Siddharth, of the consulting firm Frost and Sullivan.
Siddharth says the Middle East now has about 250,000 people with the means to buy jets and that's expected to increase to about 700,000 by 2012. The increased demand for jets is expected to average 6.2 percent per year through 2018 and Siddharth said deliveries in the region should hit about 457 units by then. Saudi Arabia accounts for a third of the market potential in the area while the United Arab Emirates will take about a quarter of the new aircraft.