Boeing has forecast airlines in the Middle East will need 3,350 new airplanes over the next 20 years, valued at an estimated $730 billion.
Boeing presented its 2017 Current Market Outlook for the region during the Dubai Airshow.
“Traffic growth in the Middle East is expected to grow at 5.6 per cent annually during the next 20 years,” said Randy Tinseth, vice president of marketing, Boeing Commercial Airplanes.
“The fact that 85 per cent 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.”
Twin-aisle airplanes are expected to make up nearly 50 per cent of the new airplanes in the Middle East, and more than 70 per cent of the value at $520 billion.
Both percentages are significantly higher than the global average.
The strong long-term demand for wide-body airplanes was reinforced at the show as Emirates Airline announced a commitment to purchase 40 Boeing 787-10 Dreamliners in a deal valued at $15.1 billion at current list prices.
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.