Chartering private jets is totally ‘en vogue’ these days as the rich get richer leaving more and more room on the plane for ‘commoners’ forced to fly commercial. According to a report published in Arabian Business, private jets are used like Taxis today particularly in the oil-rich Middle East. Now that the global financial crisis is somewhat stabilizing, the Middle East is rejuvenating the private aviation market.
Private jet consultants say that the percentage of CEOs chartering jets has risen by ten percent in the last five years. The consultants are also hopeful these figures continue to rise in the years to come.
Ross Kelly, MD for a Middle East Private Jet Company said in an interview, “The trend is gaining greater momentum in the Middle East because of the upgraded civil aviation infrastructure with improved services for private jets”.
“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. In the Middle East, nearly 10 percent of trips of CEOs are personal, while the rest are business ventures. Some CEOs in other parts of the world are using private planes like taxis, and this trend can be seen making its way towards the Middle East,” he added.
The same report stated that a review of Federal Aviation Administration flight records, disclosed that private jets managed by publicly traded companies made over 30 percent of their trips to or from “resort destinations”.