The Middle East business charter market is currently worth $500 million a year, according to Shane O’Hare, President and CEO of Abu-Dhabi based Royal Jet, the region’s leading business jet provider. Summarizing the findings of the firm’s specially-commissioned ’state of the industry’ report, O’Hare said the future of the business aviation market in the region is looking ‘extremely good.’

The report found that the region’s business aviation market has achieved a compound annual growth rate (CAGR) of 40% in terms of aircraft movements and fleet growth. Furthermore, the value of the region’s charter market has achieved 23% annual growth over the past two years.

The United Arab Emirates is the region’s fastest growing market, with a current market value of $176 million.

Royal Jet is the region’s largest charter supplier with a 16% market share. ‘Over 50% of our business is currently emanating from the GCC, but given the roadmaps pinpointed in this research, our five year plan is looking further towards the horizon,’ O’Hare said.

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