Emirates Investments Group launches new company

According to a spokesperson for the new company, the objective of the Group is to meet the demand for business aviation services in the Middle East, which is witnessing considerable growth.

H.E. Sheikh Tariq Bin Faisal Al Qassimi, Chairman of the Emirates Investments Group, as well as Empire Aviation, said, "Empire Aviation will operate in accordance with the highest international standards in the aviation industry, backed by knowledgeable personnel with extensive industry expertise."

The Middle East region, particularly GCC countries, has witnessed an increase in the number of businessmen who make use of business aviation services, as their companies expand internationally and commercial aviation services are increasingly unable to meet their urgent requirements.

Statistics issued by the Middle East Business Aviation Association (MEBAA) show that the fleet of business aviation aircraft in GCC countries is estimated at 300 aircraft of different types and capacities, 43 of which are in the UAE. MEBAA, which was established in June 2006, has been elected a member of the board of the International Business Aviation Council.

The association estimates the annual growth in the Middle East business aviation sector at 15-20%. This rapid growth is attributed to the rise in the number of wealthy businessmen in the region, and the expansion of their investments and projects worldwide. According to some estimates, there are 200 thousand businessmen in the region, and this number is expected to increase due to the economic boom and active growth in the Middle East.

Economists estimate the investments in the private and business aviation sectors in the Middle East at $500 million, 30 percent of which is in the UAE, and this is expected to double during the next 3 years due to the accelerated economic growth in the region.