Global demand for new business jets is expected to remain strong over the next decade, with a stable forecast for 8,500 deliveries worth $278 billion from 2024 to 2033, according to US aerospace company Honeywell.
The projection for the number of aircraft deliveries is in line with the rolling 10-year forecast in 2022, but the value of the aircraft has increased 10 per cent year on year from $274 billion, Honeywell said in its annual Global Business Aviation Outlook.
New jet deliveries and expenditure on private jet travel over the next decade are projected to grow by 2 per cent a year on average, in line with global long-term economic growth forecasts, according to Honeywell.
“Our industry is on the upswing. Operators are showing confidence with plans to expand their fleets at a faster rate than any time in the previous decade,” said Heath Patrick, president of the Americas aftermarket at Honeywell Aerospace.
Demand for business jet travel has boomed since the Covid-19 pandemic, when the ultra-rich sought more flexible travel schedules. However, climate activists have long taken issue with the high carbon emissions per person associated with private jets.
In 2023, global flight activity is expected to drop 4 per cent year on year due to higher inflation and the resumption of commercial flights on major routes, but this is still at least 10 per cent above 2019 levels, according to Honeywell.
The US company, which manufactures engines and counts among its customers private jet makers Bombardier and Gulfstream, expects flight activity to stabilise in 2024 and return to growth in 2025, driven by the return of initial public offerings, an improvement in corporate profits and easing inflation rates.
New private jet deliveries in 2024 are expected to be 10 per cent higher than in 2023, while expenditures are expected to increase by 13 per cent, Honeywell said.
New users in business aviation will increase demand by 500 aircraft and 6 per cent more flights over the next 10 years, Mr Patrick said.
“This, along with expected double-digit increases in turbofan deliveries in 2023 and 2024, shows our industry’s commitment to meeting growing demand,” he said.
Large, long-range and ultra-long-range aircraft models are expected to account for about 69 per cent of all expenditure on new business jets in the next five years, the Honeywell report showed.
In terms of regions, North America's private jet fleet will account for 64 per cent of the five-year forecast for new jet deliveries, the company said.
This year’s share is on par with last year’s and is probably driven by 90 per cent of North American respondents believing that the economy will at least remain the same, if not improve. This makes North America the most optimistic region in 2023.
The Middle East and Africa private jet fleet will account for 6 per cent of the five-year new jet deliveries. This is two percentage points above last year’s share.
The region accounted for the lion's share of growth in business aviation flights in 2023, according to Honeywell.
“There's also a positive shift towards sustainability as operators are keen to reduce carbon emissions,” said Mr Patrick.
About 60 per cent of private jet operators surveyed in this year's report are currently putting in place at least one method to reduce their carbon footprint, which is 10 percentage points above last year’s survey, Honeywell said.
The most frequently cited current method to reduce carbon footprint is “fewer private jet trips in favour of commercial flying”, followed by “slower cruising speeds”, the survey showed.
About 67 per cent of operators plan to either adopt or increase methods for more environmentally friendly operations in the future, and 40 per cent cite sustainable aviation fuels as the most common way to achieve this goal.
The survey asked the remaining 33 per cent what would compel them to adopt any methods to address sustainability in the future, with 65 per cent of these operators citing economic incentives such as tax benefits or operational cost savings, followed by 44 per cent who cited government regulations.
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
The view from The National
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Global state-owned investor ranking by size
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
UAE currency: the story behind the money in your pockets
It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
RESULTS
6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby
7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko
7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor
20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill
8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara
9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi
Company%C2%A0profile
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
