While the global economy is reeling in the wake of the credit crisis, the Middle East is largely insulated from these problems, which bodes well for companies hoping to sell business jets in the region. In fact, the estimates of $1 billion in annual business jet sales in the Middle East “is rather conservative,” Jahid Fazal-Karim, the co-owner of Jetcraft Corp. and the former Bombardier Aerospace senior vice president for worldwide business jet sales, told MEBA Convention News.
Qatar, Saudi Arabia and Abu Dhabi are essentially impervious to the credit crisis, Fazal-Karim said, while Dubai is somewhat exposed because it relies on foreign investment as it moves its economy from one based on oil to one underpinned by
financial businesses and tourism. However, he added, the global crunch will have a much milder effect on Dubai. Meanwhile, Fazal-Karim said Middle Eastern countries with oil-dependent economies are “still making money, even at $60 dollars per barrel” since they are pumping easy-to-obtain oil, which costs less to produce than oil obtained through other methods, such as offshore drilling.
