Mohammed H. Al Zeer

This revolutionary concept of ownership has taken the global executive jet market by storm, and today NetJets is the biggest buyer of corporate jets in the world. So what is fractional ownership and why is it so successful?

'NetJets founder Richard Santulli invented fractional ownership back in 1986,' explains Mohammed H. Al Zeer, regional president and ceo of NetJets. 'The idea is that our customers buy an actual share of an aircraft and get the full benefits of owning a private jet at a fraction of the costs'.

'It started from a financial concept but the advantages of the highest safety and reliability standards are also very strong. NetJets has a large fleet of aircraft and buyers always have a jet on call at anytime, this is part of their ownership rights'.

'For example, if you have a 50% share in an aircraft, you will always have at least two aircraft available for simultaneous use. With 75% you have three available and if you have 100% then four are on hand. This can be very useful for large corporations'.

Indeed, the NetJet programme is so flexible that it wins on both convenience and cost over individual ownership for anyone flying between 40 and 450 hours a year. Some fractional owners also have their own aircraft and supplement their requirements with NetJets.

'We are far more cost effective than chartering above 40 hours flying per year,' says Mr Al Zeer. 'And as a large client we get the best deals when buying aircraft and maintenance and can pass these cost savings onto our owners'.

NetJets is actually owned by legendary Wall Street investor Warren Buffet's investment company Berkshire Hathaway. The world's second richest private individual apparently liked the company so much that he bought it. NetJets' performance since his acquisition in 1998 has more than justified his decision.

'For the Middle East businessman NetJets offers a service which is always available and a no hassle way of flying. It is also totally confidential. I would love to name my clients but we never do,' says Mr Al Zeer. 'But we do have 25 per cent of the Fortune Top 500 companies'.

Moreover, since the tragic events of September 11, NetJets has seen its business rise by 20 per cent as the advantages of executive jets over commercial flights are obvious. Check-in times are minimal and safety and privacy assured. For NetJets it seems the future is bright with lots of room for growth in the Middle East at a time when the rest of the aviation industry is in recession.