The US’ Boeing forecasts that Middle Eastern airlines will require 2,340 aircraft by 2029 with a total value of $390bn.
Boeing also estimates that the regional aviation industry will grow an average of 7.1 per cent a year up for the next 20 years.
About 43 per cent of the expected aircraft deliveries will be twin-aisle, such as the Boeing 777 and 787 Dreamliner jets. Aircraft such as Boeing 747 will account for seven per cent of the forecast demand, while single-aisle aircraft including Boeing 737 will account for 47 per cent of deliveries. Regional jets will account for three per cent.
“Middle East airlines have consistently led the rest of the world in traffic growth over the past two years and there is every indication that this trend will continue into the foreseeable future,” says Randy Tinseth, vice-president of marketing for Boeing Commercial Airplanes.
Airlines in the Middle East are forecast to achieve a $700m profit in 2011, according to Montreal-based International Air Transport Association (Iata) (MEED 3:3:11).
The volume of aircraft will support the large airport developments under way in the GCC region in particular, especially Al-Maktoum International in Dubai, New Doha International airport, Medina and Jeddah International airports in Saudi Arabia and airport expansions under way at Muscat and Salalah.
Boeing currently has 345 of its aircraft on order in the Middle East region. In terms of air cargo between the Middle East and Europe, demand is tipped to increase six per cent each year up until 2029.