Middle Eastern CEOs Continue To Embrace Business Jets
Dubai-based Private Jet Charter (PJC) said use of business jets by executives in the Middle East is making a comeback, marking a complete turnaround from the prevailing trend five years ago when most corporations had curtailed such expenditure in response to the global financial crisis.
While CEOs in the Middle East predominantly use corporate jets for business travel to cover the larger geographical areas in the region, they are also starting to fly them more for leisure purposes.
In fact, PJC said that only 10 percent of private flights by executives in this region are for leisure travel, compared to 30 percent in the U.S., indicating a “high potential” for growth in this segment in the Middle East. The trend among Arab CEOs to opt for private jets for vacations is driven by convenience, luxury, comfort, customization and costs when flying in a group, the air charter firm noted.
“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 Gulf Cooperation Council countries,” said PJC managing director for the Middle East Ross Kelly. “Some CEOs in other parts of the world use private aircraft like personal taxis, and this trend is now coming to the Middle East.”