It’s an elite club that enjoys private jet travel, which can cost anywhere from $50,000 to $200,000
It’s 3am at the VIP airport terminal of Dubai’s Mohammed Bin Rashid Aerospace Hub and an ultra-long range aircraft is readying for take-off. The luxury, 14-seat private jet is headed for Europe, just as soon as its main passenger and his entourage arrive.
For this ultra-high net worth individual and others like him, it’s a run of the mill commute. And with money no object, it will be curated to his every wish — from the high thread-count bedding on board to the ready-to-eat Big Mac meal he expects upon fastening his seatbelt.
“Everywhere in the world, wherever he flies from … McDonald’s and KFC have to be on board … it has to be both,” said Lilit Avetikyan, CEO and founder of recently launched private jet company Voyex.
For the Dubai-based private aviation industry veteran, catering to the unique requests of multi-millionaire clients is just part of the “360-degree” luxury lifestyle service she offers, whether that’s fast-food favourites, tickets to the Oscars, or a customized mystery holiday.
It’s an elite club that enjoys private jet travel, which can cost anywhere from $50,000 to $200,000-plus for a single leg.
As a broker for premium private charter flights, Voyex boasts access to a network of more than 20,000 aircraft around the world that can be called on and ready for take-off in hours.
“There are actually two very exclusive aircraft that we have very special access to, for only ultra-high net worth individuals (like) royal families or governments … those are like small villas in the air,” said Avetikyan.
While a cost-of-living crisis bites large swathes of the global economy, in the United Arab Emirates (UAE), the millionaire’s club is growing faster than anywhere else in the world, and with it the demand for corporate and luxury private aviation.
“It’s an abundance mindset,” says Vanessa Budah, Voyex vice president of Communications and Lifestyle, describing Dubai, where the company is currently based.
“Ultimately, we are appealing to delegates, government officials, celebrities,” she said. “Clients who are top tier, who we have to keep private about.”
Millionaire magnet
Over 6,700 millionaires are forecast to move to the UAE in 2024 alone, more than to any other country, while the number of centi-millionaires in Dubai — individuals with investable assets of $100 million or more — is projected to surge by 150% by 2040, according to Henley and Partners, a consultancy firms that helps wealthy clients acquire residence or citizenship abroad through investments.
In its 2024 Private Wealth Migration report, the firm suggested that the influx of millionaires from India, the wider Middle East, Russia, Africa, the UK and Europe meant the UAE was expected to attract nearly twice as many millionaires as its nearest rival, the US.
Dubai is now the busiest market globally for residential property worth more than $10 million, according to real estate consultancy Knight Frank.
“Over the last 50 years, Dubai has built up such a reputation as a global hub for luxury … and the global wealthy, they’ve been actively targeting the most expensive homes in Dubai,” said Faisal Durrani, head researcher at Knight Frank Middle East.
Durrani says the desire for luxury and exclusivity among the global super-rich extends to private aviation, accounting for its growth in Gulf states like the UAE and Saudi Arabia — which is also helped by “the fact that Dubai has such a long-standing history of being a global hub for connectivity.”
“If we think back to December 2020, when much of the world was in a state of lockdown, the UAE was not. And a lot of ultra-high net worth individuals who were grounded … were first-time visitors to Dubai, because it’s the only place they could visit.”
The Middle East’s private jet market is valued at $566 million, and is expected to grow to $943 million by 2029, according to advisory firm Creative Zone. While the number of private flights in Europe and the US may be greater, the pace of growth in the Middle East and emerging markets like India is unmatched, says Youssef Mouallem, executive vice president of International for global private aviation firm Vista.
“You’ve got ultra-high net worth individuals coming into the region,” Mouallem said. “But they’re also bringing with them their corporate headquarters or head offices. So you’re getting this double effect.”
Mouallem said the UAE accounted for 59% of the private aviation industry’s growth in the region, but it’s not alone in seeing huge growth. Saudi Arabia is developing six to eight new airport terminals that will exclusively service private jets. Sharjah — the neighbouring emirate of Dubai — will become home to a 14,000 square-meter hangar and “VVIP” terminal, after UK-based business aviation services group Gama Aviation recently announced it was injecting $100 million into a new facility at Sharjah International Airport.
Climate impact
But with aviation accounting for 3% of global carbon emissions not every nation is embracing private aviation with such fervor. The Netherlands last year declared its intention to ban private jets and small business aviation at its major Schipol airport from 2026, in a move to target noise nuisance and CO2 emissions per passenger.
On average, private jets are 10 times more carbon intensive than airliners and 50 times more polluting than trains, according to the European Federation for Transport and Environment.
Mouallem said the private aviation industry was accustomed to “different kinds of shifts across the world with banning private aviation,” insisting that the focus should be not on banning flights but ensuring greater adoption of sustainable aviation fuel (SAF).
Sustainable aviation fuel can reduce CO2 emissions by up to 80% and can be produced from a range of sustainable feedstocks like animal fats, oils, household waste and crops.
In November 2023, Emirates operated an Airbus A380 demonstration flight powered by 100% SAF. While blended SAF is currently in use by some airlines, the International Air Transport Association estimates SAF production capacity in 2024 will not exceed 1.5 million metric tons, around 0.5% of total jet fuel needs.
Mouallem added that the company has purchased 4.2 million US gallons of blended SAF in the past year.
Voyex does not offer carbon offsets to its clients but Avetikyan said the company was negotiating with an environmental group to contribute a percentage of its profits towards tree-planting programs.
Avetikyan said she was encouraged to see the Emirates SAF demonstration flight last year, but added that it would take time before there was enough supply to overhaul the industry.
“This is something that as aircraft charter brokers, we have less influence, obviously. So that’s really an operator decision and a supplier decision,” Avetikyan said, adding that her customers shouldn’t feel guilty about the environmental impact of private aviation.
“I don’t want to be apologetic,” she said. “I’m actually talking on behalf of my clients. They should not feel bad … and they absolutely deserve to be flying private.”
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