While the world struggles at the gas pumps, The rich in the ME buy private jet businesses
Middle Eastern family jumps onboard new private jet business
Friday 19th September 2008
The West may be in the grip of the worst financial crisis since the Great Depression of 1929, but in the Middle East families are on something of a spending frenzy.
After the Abu Dhabi royal family became the latest high profile investor in English football with their purchase of Manchester City at the beginning of September, another unnamed family from the region has taken a major stake in a new private jet business.
The family’s strategic investment of €10 million means it will instantly become JetBird’s second largest shareholder with 9.3%. It is understood that the family owns a highly respected Middle Eastern trading group with global business interests across a wide variety of sectors including banking, financial services, retail, manufacturing, hotel and leisure. The family will also appoint a representative to JetBird’s board.
JetBird, which is set to launch next year, aims to become Europe’s premier private jet airline, offering a private jet experience at up to 50% less than current branded operators. Headquartered in Ireland, it will operate a fleet ….