Dubai: American commercial aircraft manufacturer, Boeing Co, has said that Middle East airlines will need to purchase an additional 2,340 aircraft, worth $390 billion, by the year 2029 in order to match rapidly rising growth in traffic.
"We're clearly today at the beginning of an aviation upside cycle," said Randy Tinseth, vice president for marketing at Boeing Commercial Airplanes. "There is every indication that the Middle East will lead the world in traffic growth in the foreseeable future," he added.
According to Tinseth, Boeing expects Middle East air traffic to grow an average of 7.1% per year over the next 20 years.
Some 423 Boeing aircraft are in service with Middle East carriers and another 345 aircraft are on order. Boeing's 47 customers include Emirates, Etihad Airways, flydubai and Qatar Airways.
"There's a significant Middle East backlog spread through the decade," Tinseth said.
While the size of the global fleet is expected to double by 2029, the Middle East carriers are projected to expand their fleets by more than 150% in the same period.