The global business jets demand which was nearly halved during the financial crisis has now improved and large players are launching new models in the wake of increasing demand from Middle East, Asia and North America. The global business jets market was worth USD 20.9 billion in 2013 and is projected to grow at a CAGR of 6.86% to USD 33.8 billion by the end of 2020.
The Middle East business jets market has a promising outlook although currently the business jets fleet in the area represents just 3% of the world total. Saudi Arabia has the largest registered business fleet in the region. Other important regions include the United Arab Emirates, Qatar and Turkey.With the large number of high net worth individuals in the area and the thriving economy, it is projected that Middle East will be home to 1,000 business jets by 2023.
