Palm Aviation stays on growth track recording 300% increase in sales revenue in 2008

2008 revenues were 300% ahead of 2007 in what was a strong year for private aviation generally in the Middle East. The revenues held up through the more challenging fourth quarter of 2008.

Mohammad Saideh, EVP and Chief Marketing Officer at Palm Aviation, says:

"Palm Aviation is firmly on course to deliver sustained revenue growth of 35% per year. Year on year growth for 2008 over 2007 was clearly exceptional and has put us well ahead of plan; just as importantly, the business has gained excellent momentum which has carried us through a more difficult final quarter of 2008 and through the first quarter of 2009, underpinned by long term contracts with our aviation partners."

The industry may be expecting a more challenging 2009 but the company remains confident about the prospects for the regional private aviation sector in the medium to long term.

"Private charter remains an attractive option as rates soften, helped by the decline in fuel prices, and people are continuing to fly. Palm Aviation is continuing to grow by extending services to air traffic inbound and outbound in the Middle East, Africa, Europe and the CIS states. We have also recently appointed our first US Director of Operations in Miami to support the growth and development opportunities in the North American market and so we are positioning ourselves to maintain our growth trajectory and for the longer term opportunity that the Middle East regional market presents," adds Mohammad Saideh.

The beleaguered corporate business jet received a ringing endorsement from the world's most successful investor - Warren Buffet of Berkshire Hathaway - who offered his support during a recent interview (March 9th) with CNBC in which he stated that company deals had been done because of the availability of the jet, which otherwise would not have been done.

Palm Aviation is internationally certified to obtain global over-flight and landing permits, in addition to global fueling and ground handling, weather forecasts, computerized flight plans, and ATC flight plans. Palm Aviation has announced a series of long term service contracts, covering ground handling services and logistical support with leading international and Middle East regional operators. The company also announced the first fixed base operation (FBO) at Dubai World Central (DWC) Aviation City, which will be home to the world's largest maintenance repair operation (MRO) centre. The FBO investment will total around $11m.