The business jet market involving key-players like Boeing, Airbus and Bombardier are targeting the Gulf buyers for trade involving million dollar aircraft purchase agreements.
The Middle East Business Aviation (MEBA) show, which took place from 7-9 December, 2010 reflected the region's strong business aviation industry, attracting over 6,000 visitors from 77 countries.
The company recently reported a delivery of more than half of its corporate jets in 2010 to Persian Gulf clients. In fact, the only privately owned Airbus A380 jet belongs to a billionaire from Saudi, Prince Alwaleed bin Talal.
At MEBA this year, a number of deals and purchases were made including a $285 million agreement between Bombardier Aerospace and two middle-east firms.
One of the firms ordered for two Bombardier Global 7000 business aircraft, in a deal worth $130 million at list price while a second one ordered for five mid-size Learjet 85s and two large-cabin Challenger 605 jets, worth a total of $155 million at list price.
The concept of "fractional jet" ownerships has also witnessed a rise in the region. With a number of companies like Cessna offering options for fractional ownerships, growing interest is seen among Gulf clients in investing in the business jet market.