Kate Sarsfield/LONDON
A new fractional ownership programme aimed at the Middle East is scheduled to be launched by the end of this year. A second scheme for Southern Africa is also planned.
Corporate Jet Gulf (CoreJet), a consortium involving private investors, is set to launch its JetPartners programme initially in the Middle East with a core fleet of three Cessna Citation VIIs.
"We have sold shares in one aircraft so far and hope to sell the remainder soon," says CoreJet chief executive Eddie Ross.
The Dubai-based company plans to retain the aircraft for about four years, but, in the meantime, has placed an order for four Citation Xs, which are planned for delivery in August 1999 and each consecutive month thereafter.
CoreJet is also evaluating possible options on further Citation Xs and Excels, depending on the success of the programme. "We hope to have about 20 aircraft within five years of operation," says Ross.
The programme is aimed at operators anticipating a minimum annual utilisation of 75h. A typical quarter-share/150h annual utilisation in a Citation VII will cost about $2.6 million. In addition, a client will pay a monthly management fee of around $18,500 and a charge of about $1,500 per in-use hour.
The scheme is offered to customers in seven Middle Eastern countries, including Saudi Arabia, Yemen and most of the Gulf states. All customers will be guaranteed an aircraft within 6h of the request, says Corejet.
JetPartners will be the second fractional ownership venture in the Middle East: Gulfstream Aerospace and Executive Jet International is to start up a scheme by late this year.
CoreJet is also planning to launch the programme in South Africa, with a fleet of up to five Citation Ultras. "We are now putting together our client base and hope to be up and running at the end of the year," says Ross.
The financial terms of this project, to be based in Johannesburg, have not been released.
Source: Flight International
