UAE millionaires moving from First and Business class to private executive jets

High net worth individuals, or millionaires, in UAE are increasingly preferring private jets over the First class and Business class of commercial flights amidst travel restrictions on commercial flights following the outbreak of the Covid-19 pandemic.

It’s is estimated that nearly three-fourth of these millionaires are unlikely to return to the First and the Business class of the commercial airlines, says Adel Mardini, founder and CEO of Jetex, one of the world’s five biggest operators of private jet terminals.

Interestingly, there is also a new breed of millionaires in the UAE who are making and big bucks from the new technologies and trading of cryptocurrencies who prefer to opt for private jets rather than flying in the Business class or First class of the commercial airlines.

“Earlier, people using private jets were mainly from the oil and gas sector, but now we see people coming from (sectors such as ) cryptocurrency, new technologies and real estate. It’s a new generation of people. They all are keen to fly private jets,” said Mardini.

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Demand for private jets has exponentially grown since the outbreak of the pandemic last year due to the suspension of commercial flights and travel restrictions by the countries.

“Around 70 per cent of the client that we have right now come from Business class and First class and these people will not go back to commercial airlines. Therefore, I see good growth over the coming five years for the private executive jet business. Commercial airlines are suffering but this has proved a boon for the private jet business,” Mardini told Khaleej Times in an interview during the Dubai Airshow 2021.

Starting 15 years ago, the Dubai-headquartered Jetex currently operates in 34 locations globally and is one of the world’s top five private jet terminal operators. The company intends to add another 50 locations to its portfolio over the next 15 years. It’s operating around 10,000 flights from Dubai alone and 75,000 flights globally per year.

“The ecosystem that Dubai has built drives the demand for private demand. There is a big demand for private executive jets but there’s a lack of supply in the market. The industry is expected to grow 15 to 30 per cent in the next few years,” he added.

The company is targeting to grow its business to Asia and Europe. “We are strong in Europe but we are hungry for more acquisitions and further expansion.”

-waheedabbas@khaleejtimes.com

• UAE