World Aviation targets corporate aviation in the Middle East
17 November 2007
World company, Istithmar World Aviation (IWA), has announced that it will invest
in expanding its executive jet operations, and setting up an aircraft servicing
facility at the Dubai World Central Aviation City.
signed an agreement with Dubai World Central Aviation City this week to establish
its base of operations in the heart of what is billed to be the world's largest
airport - Dubai World Central. This facility will cater to individual and corporate
aircraft owners, aircraft visiting the region and individuals, as well as corporations
and groups wishing to charter aircraft.
will also initially invest $50 million to build and equip two hangars on 170,000
square feet, and will eventually increase its holding to as many as five hangars,
spread over 439,000 square feet, in order to cater to the growing demand for corporate
jet and air charter services.
Ahmed Bin Sulayem, chairman, Dubai World said: "The rising popularity of
corporate jets and charter flights, coupled with Dubai's development as the Middle
East region's strategic aerospace hub offer the ideal conditions for Dubai World
to focus on corporate jet operations and services. Our aim in expanding executive
jet operations and services is to fulfil the demand of this sector with the same
level of quality, efficiency and responsibility that is the hallmark of Dubai
World projects across the globe."
Ronell, CEO Istithmar World Aviation Holdings said: "The growth of corporate
aviation in the Middle East is forecast to be between 20 per cent and 50 per cent
per year for the foreseeable future, with the consensus growth forecast being
40 per cent per year. In this lucrative market, Istithmar World Aviation intends
to become the pre-eminent company in the region for management and operation of
private and corporate jets, provision of charter flights and servicing of corporate
jets from Very Light Jets to Boeing Business Jets."
company currently employs 60 people, including flight crews, and projects a significant
increase in these numbers in anticipation of the opening of the facility.
is a young company, which began one and a half years ago as Nakheel Aviation,
and was subsequently re-branded as Istithmar World Aviation after it came under
the Istithmar World Aviation Holdings umbrella. This is a consolidation of Dubai
World's aviation investments, with companies including SpiceJet, SR Technics and
Dubai Aerospace Enterprise.
Dh5bn, 6.7-square kilometre Dubai World Central Aviation City is a project launched
within Dubai World Central (DWC) - the 140 square kilometre urban aviation, multi-phased
development in Jebel Ali.
adjacent Al Maktoum International Airport starts initial operations by the end
of 2008 and has been designed to handle in excess of 120 million passengers and
12 million tons of cargo annually.
costs for Dubai World Central currently stand at Dhs120bn.
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