Boeing forecasts Middle East will require 2,340 aircraft by 2029

Boeing stated it expects a near quadrupling of air traffic in the Middle East over the next 20 years, with the annual average traffic growth rate in the region to be 7.1%, equating to a 287% rise over the period, ahead of global annual traffic growth of 5.3% (Reuters, 28-Sep-2010). Boeing forecasts a requirement for 2,340 new aircraft in the region by 2029 and expects the market would continue to be dominated by twin-aisle, long-range aircraft which account for almost 43% of demand.

Boeing: "The Middle East continues to outperform the rest of the world in air travel growth and is poised to continue growing over the next 20 years. In fact, Middle East demographics, where over half the population is under the age of 25, favour continued growth since younger people will account for much of the future market," Martin Bentrott, VP Sales for the Middle East, Central Asia and India.