Boeing sees growth in Mideast

Boeing sees growth in Mideast

Dubai: Boeing, which expects airlines to return to profitability in 2011, said on Monday that Middle East carriers would need 1,710 new jets over the next 20 years, valued at about $300 billion.

The aircraft manufacturer also said it expects passenger traffic to grow at a rate of 4.9% each year over the next 20 years.

In a presentation at the Dubai Air Show, Boeing said growth and rising incomes in emerging markets in the Middle East as well as China and India would balance global aircraft demand.

Middle East carriers include the UAE’s Emirates, the Arab world’s biggest airline, which said earlier on Monday it was considering placing more orders with Boeing and rival Airbus

Boeing said it expected the Middle East and Asia Pacific air travel market to grow 6.3% from 2008 to 2028, and predicted that MidEast carriers alone would require about 150 freighters over the next 20 years.

The No. 2 plane maker behind Airbus said it saw airlines returning to profitability in 2011 underpinned by a recovery in global economic growth and passenger traffic next year.