Middle East will require 3,000 new aircraft for $700bln in 20 years: Boeing

Aerospace company says it expects the region to require 3,000 new aircraft, doubling its fleet size, by 2040

  
Boeing's logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016.

Boeing's logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016.

REUTERS/Kim Kyung-Hoon

Boeing has forecasted the value of the Middle East’s commercial jet market including services over the next 20 years at $1.4 trillion. In its 2021 Commercial Outlook (CMO) released today, the company said the region will require 3,000 new aircraft valued at $700 billion and aftermarket services worth $740 billion during that time.

Boeing expects the region’s fleet size to double by 2040 - up to 3,530 jets - with wide body deliveries expected to be the highest proportion of any region at 44 percent, reaching 1,570 deliveries.

The region’s single-aisle fleet of 660 is forecast to nearly triple to 1,750 jets over the next 20 years.

More than two-thirds of plane deliveries to the Middle East will accommodate growth, while one-third of deliveries will replace older aircraft with more fuel-efficient models such as the 737 MAX, 787 Dreamliner and 777X, Boeing said.

The company said the approach of Middle Eastern airlines to the COVID-19 pandemic had helped passengers regain trust in flying, through cabin and airport sanitisation and working with the International Air Transport Association (IATA) on its travel pass.

“The Middle East region’s role as a global connecting hub continues to be important for developing markets to and from Southeast Asia, China and Africa,” said Randy Heisey, Boeing managing director of Commercial Marketing for the Middle East.

“The region has been a leader in restoring confident passenger travel through multi-faceted initiatives that aid international travel recovery.”

The airline said the number of flights to and from the region had reached 69 percent of pre-pandemic levels, compared with a global average of 72 percent.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

Imogen.lillywhite@refinitiv.com

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