Middle East freighter fleet to double in 20 years: Boeing report

A regional economic boom and an ever increasing demand for goods is expected to double the size of the freighter fleet in the Middle East over the coming 20 years, according to a Boeing projection.

The report also projects an increase in the size of the global fleet for freighters.

The Boeing report says that the global air cargo market is expected to grow by three times over the next two decades, averaging 5.8 per cent annually. The freighter fleet will nearly double in size, to 3,892 aircraft, from the current 1,948 freighters, Boeing said.

Boeing says the growth rate will result in the addition of 3,358 freighters to the global fleet size, with the expectation that 1,414 freighters will be phased out.

According to the report, the Middle East region will invest more than $260 billion (Dh954bn) over the next 20 years to expand its air fleet and a significant number of planes will be dedicated for the freight business given the demand for fast deliveries in the region.

While the Middle East is experiencing a slowdown in growth for air freight, it continues to outperform the industry. The International Air Transport Association (Iata) forecasts the air freight industry growth to fall from last year's 4.8 per cent to about four per cent this year, while regional air freight is expected to grow by an average of eight per cent, as compared to 10 per cent last year.