Boeing forecasts Mideast jet demand at $390bn by 2029

Boeing Co, the world’s second-largest planemaker, forecast the Middle East region will need about 2,340 planes worth $390 billion in the next two decades as travel-industry growth spurs demand.

Regional air traffic will grow at a pace of 7.1 per cent a year until 2029, ahead of a forecast economic growth rate of 4 percent, a company executive said today in Dubai.

“While we expect the global fleet size to double by 2029, Middle Eastern airlines are projected to expand their fleets by more than 150 per cent during the same period,” said Randy Tinseth, marketing vice president at the jetliner division.

Boeing’s backlog amounted to 3,445 planes as of April, with Middle Eastern airlines accounting for 345 aircraft. “The biggest growth markets are the Middle East, China, India and Latin America,” Tinseth said.

Air cargo is forecast to grow at an average annual rate of 6 percent for the next 20 years, helped by a projected increase in exports from the region and transshipments from Asia and Africa. In the two decades ending 2009, air freight between Europe and the Middle East grew at 7.8 per cent a year, a rate expected to continue as the region pumps large investments into infrastructure, Boeing said.