The global business jet market size is anticipated to grow from $45.9 billion in 2024 to $66.97 billion by 2032. With the prominent presence of high-net-worth individuals in the GCC region, the regional market is projected to witness constructive growth, fuelled by high demand in large economies such as the UAE and Saudi Arabia.
We recently sat down with some of the most senior names at Vista, Ian Moore, chief commercial officer and Youssef Mouallem, executive vice president – International. Vista is the world’s leading private aviation company that offers access to a global fleet, providing service that is ‘Simple, Efficient, Reliable, and Global’ through its leading brands, which include VistaJet and XO. To quote them directly ‘the company provides bespoke flight-hour subscription plans, offering guaranteed availability at a fixed hourly rate, with no depreciation and no capital risk’.
What differentiates Vista from the competition, and can you elaborate on your unique business model?
There are several key differentiators. First and foremost, Vista is the only truly global operator. This isn’t just a claim; we’ve built a business over the past 20 years with offices in major hubs like Hong Kong, Singapore, Dubai, and more, allowing us to operate seamlessly across the globe. This global presence allows us to address the inefficiencies in aircraft ownership by positioning our assets and teams where our clients are, providing unparalleled access and service.
As for our business model, it is distinct because we offer a single price for fleet utilization across various aircraft types worldwide. Clients don’t have to invest in aircraft ownership or worry about unpredictable costs. We tailor financial solutions based on how they fly, ensuring a bespoke service experience that meets their specific needs, whether it’s a long-haul flight or a short trip. Owning and operating our aircraft allows us to control costs, standardize the cabin experience, and move our fleet to meet demand wherever it arises. This ownership model enables us to offer a consistent, high-quality service globally while tailoring solutions to our clients’ unique needs.
How do you respond to emerging trends, particularly in regions like the GCC, and what is your approach to customer acquisition and retention?
We’ve expanded our team in Dubai significantly, reflecting the growing demand in the region. Our local presence ensures we understand and meet the unique needs of clients in each market.
The GCC, being a hub for wealthy individuals, is a key area for Vista, and we’ve adapted by growing our services and presence there. The key difference between acquisition and retention is economic efficiency; retaining a customer is more cost-effective than acquiring new ones. In this region, patience is vital. Sometimes clients are ready to sign immediately, but often you need to nurture relationships over 8-12 months, becoming their advisor rather than a salesperson. If a client is ready to act swiftly, we must adapt.
Our strength lies in our infrastructure, with over 4,000 experts worldwide, enabling us to respond to urgent needs effectively. This sets us apart from smaller operators who may offer cheaper options but lack the safety and reliability we provide. These approaches build trust and rapport, which is crucial here.
I also want to add that our team is incredibly diverse, with over 60 nationalities and multilingual capabilities. This diversity ensures we can offer a personalized experience that feels like an extension of our clients’ lifestyles. Our crew is trained to adapt to clients’ needs, ensuring every flight feels like home, whether they seek privacy or a celebratory atmosphere.
How do you cater to new clients in the market?
Many private aircraft owners are unaware of the full costs until later. For example, the cost per hour can significantly increase if the aircraft isn’t utilized efficiently. Maintenance, pilot costs, and other expenses add up, making ownership expensive, especially for those flying fewer hours. Our system offers transparency, making it a ‘CFO’s dream’ by providing a clear, fair cost structure that is often cheaper than owning an aircraft.
For new flyers, Vista offers more flexible, on-demand options through the XO brand, allowing them to book single trips or purchase memberships with lower commitment. This model has shown great success, with many clients graduating from occasional flyers to program members as they become more frequent users.
Which regional markets with the most potential are you currently focusing on?
We’re seeing great potential in several regions. The GCC is particularly buoyant, and India has been a significant market for Vista. Africa is another promising market, where we’ve established a presence for around 14 years. We’ve recognized the long-term potential in these regions, which has allowed us to adapt our fleet based on demand fluctuations.
Dubai continues to be our largest market, with Saudi Arabia showing a remarkable 43 percent growth in H1. Qatar is also rebounding, showing similar growth figures.
How has the influx of high-net-worth individuals to the region impacted Vista’s business and can you provide insights into your market share in the GCC? How has your fleet strategy evolved in response to these market demands?
The movement of billionaires for lifestyle or business reasons has had a phenomenal impact on the industry. It stimulates the entire ecosystem and creates new business opportunities, which is great for us and the industry as a whole. In the Middle East, Vista holds about 9 percent of the market share in the charter and fractional ownership sectors. Globally, we’re at around 5 percent.
It’s important to note that this doesn’t include private flying done by individuals who own their own aircraft. The market is fragmented, but as a global player, we see significant room for growth. We’re excited about our 9 percent share in the Middle East, but globally, there’s still room for growth. Currently, we account for 5 percent of private flying globally. This indicates there’s substantial potential to increase our presence both regionally and globally.
Our approach is quite flexible. We can adjust our fleet to meet rising demands and move aircraft as necessary. For instance, Dubai, which used to have an average of 6-7 aircraft, now sees anywhere from 15 to 25 aircraft at any given time. This adaptability has been key in responding to market dynamics effectively.
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How do you address the stigma around private flying, particularly regarding sustainability and how do you view the industry’s future concerning environmental responsibility?
Vista’s business model focuses on efficiency, minimizing empty flights and emissions. We recognize the industry’s environmental impact and have implemented programs like carbon offsetting and Sustainable Aviation Fuel (SAF) initiatives. Although SAF isn’t as available as we’d like, we invest in it and collaborate with partners to offset emissions.
We also have third-party audits to validate our sustainability efforts, enhancing our credibility. Our sustainability measures include carbon offsetting and investing in SAF. We adhere to stringent European environmental standards, which often exceed those in North America. We believe in transparency, welcoming other companies to adopt our practices to collectively reduce the industry’s carbon footprint. While innovations like hydrogen or electric aircraft are distant, we support advancements that make aviation more sustainable.
We anticipate continued improvements in aircraft efficiency, but significant shifts like hydrogen-powered planes are still far off. In the meantime, we focus on practical measures like SAF and carbon offsetting. Collaboration across the industry is crucial, and we share our strategies openly, encouraging others to follow suit for the greater environmental good.
About Ian Moore and Youssef Mouallem
Ian Moore has served as chief commercial officer of Vista since 2010 and is a director of the company’s UK subsidiary. Ian is responsible for global market expansion, commercial negotiations, sales, marketing, customer service and product delivery.
Previously he worked in various roles including Vice President Strategy & Sales, Sales Manager and Strategy & Analysis Manager for NetJets Europe, from 2002 to 2008. Ian also served as Vice President Sales & Marketing for the business jet subsidiary of TATA, Business Jets Pvt Ltd (BJETS), from 2008 to 2010.
Meanwhile, Youssef Mouallem is an international multi-disciplinary leader, with an outstanding record of innovation & double-digit growth strategies across global markets, in Technology, Consumer Electronics, FMCG, and SaaS industries.
As the Executive Vice President – International for Vista, he leads the global expansion and growth plans outside the US, with initial focus on Europe, Middle East & Africa.
Prior to joining Vista, he worked with world leading multinational companies across industries, from Canadian Aerospace Electronics – CAE, to Mars Wrigley and most recently Dyson, in Canada, the EMEA region, and various engagement in APAC and LATAM.
