The Boeing aircraft company forecasts that airlines in the Middle East will need 3,350 new airplanes over the next 20 years, valued at an estimated $730 billion.
"Traffic growth in the Middle East is expected to grow at 5.6 percent annually during the next 20 years," said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes. "The fact that 85 percent of the world's population lives within an eight-hour flight of the Arabian Gulf, coupled with robust business models and investment in infrastructure, allows carriers in the Middle East to channel traffic through their hubs and offer one-stop service between many cities."
According to Boeing’s forecast, twin-aisle airplanes are expected to make up nearly 50 percent of the new airplanes in the Middle East, and more than 70 percent of the value at $520 billion. Both percentages are significantly higher than the global average.
Boeing's presence and support for the Middle East also includes Global Services, the company's third and newest business unit that is expanding its service capability offerings to better support the region's airlines and aircraft.
Global Services is focused on bringing innovative solutions to market quickly within four capability focus areas: supply chain, engineering, modifications and maintenance, digital aviation and analytics, and training and professional services. Boeing's services expertise, global reach, and strong customer in-country partnerships, position the company to compete and win.
"From training the next generation of pilots to creating tailored solutions and everything in between, the combined commercial and defense services market is estimated at $2.6 trillion over the next 10 years and includes strong opportunities in the Middle East," said Tinseth.
Around the world, Boeing has forecasted long-term demand for 41,030 new airplanes, valued at $6.1 trillion. These new airplanes will replace older, less efficient airplanes, benefiting airlines and passengers and stimulating growth in emerging markets and innovation in airline business models.