National Air Services (NAS) has taken delivery of its first Gulfstream IVSP core aircraft, launching the NetJets Middle East programme. "The first customer-owned aircraft will arrive at the end of July but, having just received Part 135 approval, which allows us to operate commercially, we are essentially ready to begin operations now," says NAS director general Mohammed Al-Zeer.
NetJets Middle East is a joint venture between Jeddah, Saudi Arabia-based NAS, supplying administrative and financial backing, Gulfstream, supplying the aircraft, and fractional ownership pioneer Executive Jet (EJI), providing operational expertise and pilotage. It will operate 14 GIVSPs, including four core aircraft, over the next three years. "We have sold our first aircraft and are confident of selling the concept to companies and private individuals throughout the region," adds Al-Zeer.
NetJets Middle East plans to place a range of aircraft, including mid-size Cessna Citation Excels, Raytheon Hawker 800XPs, super mid-size Hawker Horizons and long-range Gulfstream Vs.
EJI recently signed a memorandum of understanding with Boeing covering an order for up to five Boeing Business Jets and an option for three more.
Al-Zeer predicts that within five years the venture will have more than 40 aircraft servicing 300 customers around the region. "Improving economic conditions and increasing foreign investment in countries like Egypt are creating wealthy individuals for whom fractional ownership would be ideal," he adds.
NAS is also targeting business aircraft owners in Saudi Arabia and the Gulf, which have the largest concentration of business jets in the world.
"We believe that owners of multiple aircraft may decide to sell a number and turn to fractional ownership to ease the financial burden," says Al-Zeer.
Source: Flight International
