The Middle East private jet market has been at the forefront of the rapid global increase in business aviation. The global private jet market is projected to reach $39.84 billion in 2025 from an estimated $25.87 billion in 2021, with the GCC region representing a major part of that growth, as per the report published in MEBAA (the Middle East Business Aviation Association).
Another report by Fortune Business Insights suggests that the global private jet market size will touch $66.97 billion by 2032, at a CAGR of 5.4 percent. North America dominated the private jet market with a market share of 44.83 percent in 2023.
Advantages of private jets
Exclusivity and privacy: Discerning passengers may find a haven in the air away from the crowds and limitations of commercial airports when they charter a private jet, which offers unmatched exclusivity and privacy. Passengers may travel in full privacy and discretion thanks to their exclusive access to the aircraft.
Luxurious interiors: Private jets have opulent interiors with luxurious furniture, modern amenities, and custom design elements. These are made to suit the owners’ tastes. Private jets raise the bar for in-flight luxury with features including tailored cabin layouts, state-of-the-art entertainment systems, luxurious seats and excellent dining.
Flexible travel schedules: Owners of private jets can create custom travel schedules that meet their own needs, preferences, and timelines. Private jets provide unmatched flexibility and ease in trip planning due to their ability to reach smaller airports and remote regions that are not accessible by commercial airlines.
Time efficiency: Private jets improve travel journey by reducing waiting periods, layovers, and other logistical hiccups related to commercial aviation. Time-conscious travellers benefit from private jet travel’s shortened check-in processes, quicker security checks, and direct point-to-point flights, which increase productivity and efficiency.
Middle East private jet market trends
The Middle East region has a significant demand for private jet services, with a market size of $566 million and expected to grow to $943 million by 2029, according to a report by advisory firm Creative Zone.
What drives the private jet market in the Middle East
Here are five key drivers of the private aviation sector’s growth in the Middle East:
Millionaires migrating: With its zero income tax, golden visas, luxurious lifestyle and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires. And, it is poised to welcome a record net inflow of 6,700 this year alone.
With consistent high inflows from India, the wider Middle East region, Russia and Africa, the anticipated influx of larger numbers of British and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the U.S., which is projected to benefit from a net inflow of 3,800 millionaires in 2024, as per the report by Henley & Partners World’s Wealthiest Cities Report 2024.
Strategic geographical location: The UAE is the prime location for business executives and HNWIs who are going to and from the region. The United Arab Emirates is situated at the intersection of Asia, Africa and Europe. It is seen as an essential link that connects the East and the West.
The demand for long-distance travel to and from Asia has also significantly increased. VistaJet, a global private aviation firm, stated in a report that there has been about 68 percent year-over-year increase in flight hours in September 2023. This is majorly because of its rapid expansion into the Asian market. Vista Global Holding stated in its Middle East portfolio that flight hours grew by 62 percent during the first half 0f 2023.
Similar to the Middle East, there is a connection between the rise of HNWIs in the Asia-Pacific area and the need for private aviation services. The number of centi-millionaires is rising significantly in both China and India. And, it is expected to continue rising for the next 10 years. This can lead to the increased demand for exclusive inbound and outbound services to the Gulf region.
Read more: Private jet travel for busy executives
Growing demand for private jets: Private jets are quite popular among state heads, UNHWIs, celebrities and rulers. It is also the preferred mode of transportation for many corporate executives.
Private jet provides time efficiency, flexibility and convenience that commercial airlines are unable to deliver to demanding enterprises. Improved navigation systems, for example, can cut down on travel times. And, it allows busy executives to visit several locations in a single day, including important meetings. Leaders may continue to be productive by conducting meetings or closing deals from the comfort of their flying boardroom. It happens when they travel in private jets that have WiFi installed.
Moreover, several companies are setting up in the Middle East, particularly in Dubai. These firms are also fueling the rising demand for business jets. Over 30,000 enterprises registered with the Dubai Chamber of Commerce in the first half of 2023. This translates into an increase of 43 percent over the previous year.
Quite flexible and affordable: The travel in a private jet is considered a luxury affair. However, there has been an increase in private jet services, which has add to industry’s growth. For instance, on-demand charters are an adaptable and practical solution. It provides an extensive choice of aircraft types and a customised service according to your preferences, time constraints, and destination.
Likewise, you can lease an aircraft. You can earn profit from exclusive use of a jet without having to pay for full ownership. And, you also don’t have to worry about asset depreciation. In addition, jet membership and jet card programmes are quite popular in the Middle East. It provides affordable, rapid, and flexible access to a fleet of jets at a lesser cost than flight chartering.
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