Harry C. Stonecipher

'This is the fastest growing market for aviation in the world,' he told AME Info. 'Asia is bigger in terms of revenue growth but this is biggest in terms of percentage growth.

'The UAE is like what I saw in Singapore 25 years ago. This is where things are happening, and 35 per cent growth in passenger numbers a year means that there will be more orders for airplanes. We have not seen the end of it yet.'

Indeed, the veteran Boeing senior executive, who was recalled from retirement last year to once more head up the management team, says he and his top managers will be spending a lot more time in this part of the world from now on.

'We look after 10 countries from our base in the UAE, and try to be good corporate citizens in all these countries. And we already have a service centre in Dubai and a major spare parts division.'

So what sort of orders is Boeing expecting? Here the chief is more evasive in his answers. He remains confident that the first regional sale of the new 7E7 - set to enter service in 2008, will be announced 'soon'.

He sees 'more potential' in the market for sales of 200-seat plus aircraft than for the giant 600-seat A380 Airbus. And the defense side of Boeing will grow 10% per annum worldwide over the next five years, although technology transfer 'remains an issue' in the Middle East.

Globally Mr. Stonecipher is confident that an economic upturn has just started that will stretch until beyond the end of the decade. For the aviation sector the collapse of air travel after 9/11 three years' ago remains the nemesis of the previous downturn.

'I don't think present oil price levels will last very long,' he predicts. 'It is driven by disruptions and speculation, and I don't see any impact on aircraft orders at all. Travel decides orders and right now air travel is at record levels.

'Besides if oil prices so stay high then airlines just have to look at new aircraft to get better fuel efficiency,' adds Mr. Stonecipher who joined Boeing in the merger with McDonnell Douglas in August 1997.

Meanwhile, defense will continue to supply around 55% of Boeing's revenues, with most of this coming from the 'intelligence' sector where what used to be a $500 million a year business has now ballooned to $3.5-4 billion, and remains a growth area for the company.

'Defense orders run on the geopolitical cycle and civil aircraft orders on the economic cycle,' says Mr. Stonecipher. 'But I would gladly sacrifice that part of our business for a more peaceful world.'