Prestige Jet On The Russian BizJet Boom
Prestige Jet, began operating out of Abu Dhabi International airport in May 2007 and now expects that a full quarter of its business will by 2008 come from the Russian market. Corporate jet use in Russia is being fed by new wealth in the region and unreliable transportation alternatives. Russian economic growth is reflected in a GDP that has increased at roughly seven percent per year since 2000 and marked by a 29 percent annual increase in income over the same period, according to Prestige Jet. Pivotal to Prestige Jet's success is Russian policy that makes it "prohibitively expensive to register foreign-made planes with Russian airlines because of exorbitant import duties," according to Faris Deeb, managing director of Prestige Jet. "As a result more and more companies and individuals are turning to charter companies such as ours." Deeb told AlBawaba.com that an economic upswing in Russia's new upper middle class has ushered in an unprecedented spending spree with "discriminating preferences in transportation and travel." Business jets, particularly, have been embraced as indispensable tools of business.