Oil-rich Gulf Cooperation Council (GCC) countries are instrumental to the continued expansion of the Middle East business aviation market, which is the fastest growing in the world, said one of the industry’s leading players.

Ali Al Naqbi, founding chairman of the Middle East Business Aviation Association (MEBAA) – the organisation behind the Middle East Business Aviation (MEBA) show, which takes place this November – said that massive growth rates of 15-20% per annum were predicted for the regional business jets market and that its overall worth should top $1bn by 2012.

According to Al Naqbi, business aviation is set to account for 40 per cent of the Middle East’s overall aerospace market within four years. Kuwait, with its recent multimillion dollar investment in the business aviation infrastructure, is key to the future development of the Middle East’s rapidly growing charter market said Ali Al Naqbi.

In a bid to increase the UAE’s market share, significant resources have been pumped into the infrastructure. Facilities are under development at Dubai World Central (DWC), the multi-billion dollar airport and urban development near Jebel Ali, and Al Bateen – Abu Dhabi Airports Company’s (ADAC) $54.4m dedicated executive and charter aviation hub.