Use of corporate jets is making a comeback globally and more particularly in the Middle East, a trend that is different from the one prevailing five years ago when most corporations had curtailed such expenditure due to the global financial crisis, says Private Jet Charter (PJC), a private jet charter consultant with offices in London, Nice, Moscow, Florida, Dubai and Jeddah.
It said nearly 10% of CEOs in the Arab world use private
jets for leisure travel, compared to 30% in the United States, which
demonstrates the high potential of the industry in the near future.
trend among Arab CEOs to opt for private jets for vacations is expected
to pick up further momentum, driven by the growing awareness of the
benefits offered by private jets in terms of convenience, luxury,
comfort, customization and costs when flying in a group.
attributed the higher international use of private jet in business to
the fact that most CEOs in Europe or United States are in charge of
larger geographical areas than CEOs of the Middle East.
trend is gaining greater momentum in the Middle East because of the
upgraded civil aviation infrastructure with improved services for
private jets,” said Ross Kelly, Managing Director for Middle East, PJC.
“We expect private jet travel to gain acceleration over the next five
years as a result of an economic rebound in the region and greater
interconnectivity amongst GCC countries.”
A review of Federal
Aviation Administration flight records revealed that dozens of jets
operated by publicly-traded corporations made over 30 percent of their
trips to or from resort destinations.
“Some CEOs in other parts
of the world use private planes like personal taxis and this trend is
coming to the Middle East in a dramatic fashion,” Kelly said.
“In the Middle East, nearly 10 percent of trips of CEOs are personal, while the rest are of business nature,” says Kelly.
added: “We see huge potential for the private jet industry in the
Middle East, as it is increasingly becoming a vibrant destination for
tourism and investment. High net worth individuals who fall in this
category need to devise a more prudent travel strategy involving the use
of private jets, instead of commercial flights.”
As far as
safety is concerned, PJC said that since 2005 there have been no fatal
accidents in the U.S. involving company-owned business jets flown by
professional pilots, according to the Aircraft Owners and Pilots
Association, a Frederick, Maryland-based trade group.