Bahrain is set to play a major role in the growth of the business aviation industry in the Middle East, which is expected to double in the next five years.
The country is a leading contributor to the sector in the region, benefiting from its close proximity to the huge Saudi Arabian market, says the Middle East Business Aviation Association (MEBAA). Officials from the association, which was set up in June last year, say more and more people have turned to business aviation as costs have reduced and it has become known for its privacy, safety and corporate efficiency.
Business aviation is expected to be worth around US$800 million by 2012, double its current level, an MEBAA official said. No figures were available for the size of the market or potential growth in Bahrain, but it is considered a hub. Business aviation's share of the Middle East's overall aviation market will grow during the same period from its current level of 20 per cent to 40 per cent by 2012.
The sector is currently producing growth of around 12 per cent to 15 per cent a year. He said business aviation in the Middle East is the third largest market in the world and the potential is very high Business aviation involves trips in small private jets or helicopters usually owned by VIPs, governments, companies or businessmen, travelling to meetings or conferences.