Russians love private jets, says UAE operator

Prestige Jet’s Challenger 604

PRESTIGE Jet predicts that up to 25 per cent of its business could come from the Russian market by the end of 2008.

The forecast is based on the new wealth created by Russia’s business boom, the size of the region and the poor and/or unreliable transport links which has resulted in greater reliance on corporate jet services.
Prestige Jet is the new, fast-growing, private aviation company operating out of Abu Dhabi International Airport.
The Russian GDP has grown by an average seven per cent a year. In the same period, dollar income per head has grown by nearly 29 per cent annually, faster than China, said managing director of Prestige Jet, Faris Deeb.
This unparalleled growth in the population’s disposable incomes has created what the media is calling the ’new Russians’ which includes an emerging upper middle class who are clamouring for the finer things in life, he said.
“Russian consumers have embarked on an unprecedented spending spree on all things luxury, incuding travel. Russian business people in particular are increasingly embracing executive jets as indispensable business tools,“ said Deeb.
Deeb adds that according to figures released by the Russian Business Aviation Association (ADA), private jet ownership and business aviation movements in Russia and the CIS skyrocketed 30 to 40 per cent in recent years. 
Prestige Jet began operations in May and has quickly established itself as one of the foremost providers of top-of-range executive flight services from and to the Middle East region, filling a niche in the fast growing VIP and business aviation market, particularly in Russia.