Maktoob Business is featuring a report on business jet prospects for the Middle East, and they look promising. Industry consultant Frost & Sullivan is predicting 11% growth this year, and annual growth of 6.2% until 2018, based on the predicted number of millionaires in the area. In 2005, millionaires in the Middle East accounted for about 3% of the global population of “high net worth individuals”; that percentage is expected to increase to 5% by 2012.
The consultancy said in a report that business jet movements have growth to 103,000 this year from 93,000 in 2008 despite weaker economic conditions, and the figure is expected to reach 160,000 in 2018.
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