Arab CEOs will use private jets as personal taxis

Private Jet Charter says 10% of Arab CEOs use private jets for leisure travel Use of corporate jets is making a comeback globally and more particularly in the Middle East, a trend that is different from the one prevailing five years ago when most corporations had curtailed such expenditure due to the global financial crisis, says Private Jet Charter (PJC), a private jet charter consultant with offices in London, Nice, Moscow, Florida, Dubai and Jeddah.

It said nearly 10 % of CEOs in the Arab world use private jets for leisure travel, compared to 30% in the United States, which demonstrates the high potential of the industry in the near future.

The trend among Arab CEOs to opt for private jets for vacations is expected to pick up further momentum, driven by the growing awareness of the benefits offered by private jets in terms of convenience, luxury, comfort, customization and costs when flying in a group.

PJC attributed the higher international use of private jet in business to the fact that most CEOs in Europe or United States are in charge of larger geographical areas than CEOs of the Middle East.

“This trend is gaining greater momentum in the Middle East because of the upgraded civil aviation infrastructure with improved services for private jets,” said Ross Kelly, Managing Director for Middle East, PJC. “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.”

A review of Federal Aviation Administration flight records revealed that dozens of jets operated by publicly-traded corporations made over 30 per cent of their trips to or from resort destinations.

“Some CEOs in other parts of the world use private planes like personal taxis and this trend is coming to the Middle East in a dramatic fashion,” Kelly said.

“In the Middle East, nearly 10 per cent of trips of CEOs are personal, while the rest are of business nature,” says Kelly.

He added: “We see huge potential for the private jet industry in the Middle East, as it is increasingly becoming a vibrant destination for tourism and investment. High net worth individuals who fall in this category need to devise a more prudent travel strategy involving the use of private jets, instead of commercial flights.”

As far as safety is concerned, PJC said that since 2005 there have been no fatal accidents in the U.S. involving company-owned business jets flown by professional pilots, according to the Aircraft Owners and Pilots Association, a Frederick, Maryland-based trade group.

Shoot

Trending News

Facebook face big challenge to prevent future US election meddling

Intel hit with 32 lawsuits over security flaws

Apple promises fix for serious Telugu character bug

GrabOnRent launches operations in Mumbai and Gurgaon

Crypto fall fails to drown initial coin offerings

Kalpnik uses AR & VR to help people 'go' to any place of worship

SpaceX is launching its broadband satellites into orbit this weekend

Unilever threatens to cut back online ads over 'toxic' content

Google hires former Samsung Mobile CTO to coordinate Internet of Things projects

Go-Jek plans India foray in second half of 2018

Pivoting away from Cube brought us to the right route: PayU's Jitendra Gupta

Ola parent to invest Rs 400 crore to boost Foodpanda India logistics & tech

Alibaba plans tighter integration of Paytm Mall with BigBasket & XpressBees

MakeMyTrip posts wider loss in Q3, may revisit OYO strategy

Google fined Rs 135.86 crore by CCI for 'search bias'

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Toyota, Suzuki to produce electric vehicles for India market by 2020

Qualcomm rejects Broadcom's $103 billion offer

Fashion e-tailer Voonik asks staff to forgo 3 months' salary

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities