Airlines in the Middle East will splash out $550bn on growing their fleets over the next 20 years, according to a new forecast from US manufacturer Boeing.
The company said that carriers in the region, which include the likes of Emirates Airline and Qatar Airways, will require 2,610 new jets over the next two decades to accommodate their burgeoning networks and passenger growth.
Chicago-based Boeing said that between 2011 and last year, the value of Middle East orders for US-built aircraft had doubled to approximately $6.4bn.
Earlier this week, Dubai’s Emirates Airline said that it is actively involved in the designing of Boeing’s new 777 model.
The carrier currently has 194 aircraft in services, 184 on order and options on an additional 100. It is currently operating 3 Boeing 777-200, 6 Boeing 777-200ER, 10 Boeing 777-200ER, 12 Boeing 777-300 and 90 Boeing 777-300ER.
While Emirates is due to start retiring its existing 777 fleet in 2017, the Gulf carrier has not confirmed how many new aircraft it is looking to order in the coming years. Emirates said that it may issue bonds early next year to help raise $4.5 billion for 21 new plane deliveries in the financial year starting April 2014.
Rival Qatar Airways currently has 31 Boeing aircraft on order, including 22 787-8 Dreamliners, while Abu Dhabi’s Etihad Airways has 37 of the planemaker’s jets on order, including 41 Dreamliners, with options for a further 25.
Globally, Boeing said that the market for commercial passenger aircraft over the next 20 years would be worth $4.8 trillion.
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