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All eyes to the east
01 September 2007
Investors are keeping a sharp eye on the growth of aviation in the Middle East. The potential of the market is set to rival the successes of China and India. Ritesh Gupta reports.
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International Air Transport Association
Middle East
Jazeera Airways
Sita
Total revenues of airlines in the Middle East have been growing at double-digit rates for the past few years, resulting in a spate of defining moments across the region, including the entry of new carriers, restructuring of airlines' operations and traditional network carriers investing hugely in growth opportunities.
Majdi Sabri, regional vice-president, Middle East and North Africa, International Air Transport Association (Iata), says the key factor driving demand is the region's economy. Buoyed by oil revenues, GDP grew by 5.7% in the Middle East last year. This, in turn, has driven double-digit air traffic growth over the past three years. Last year passenger traffic rose 15.4% and cargo increased 16.1%. In the year to April 2007, passenger demand grew by almost 20% and cargo 14.6%.
"Not only has that led to record aircraft orders in the region, some $38 billion will be spent on major airport...
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