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Boeing forecasts growing aircraft market

  |   Nov. 14, 2013 at 11:12 AM
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DUBAI, United Arab Emirates, Nov. 14 (UPI) -- The need for civilian aircraft in the Middle East over the next 20 years will continue to outpace the rest of the world and account for $550 billion in orders.

Boeing made the forecast in its Boeing Current Market Outlook report, which was released Thursday in the United Arab Emirates, just days before an international airshow.

"International traffic growth in the Middle East continues to outpace the rest of the world," said Randy Tinseth, Vice President of Marketing, Boeing Commercial Airplanes. "The Gulf region benefits from a unique geographic position that enables one-stop connectivity between Europe, Africa, Asia and Australasia. Additionally, over the last decade, we've seen a rise in low-cost carriers that have benefited from a large youthful population, large migrant workforce and trends toward market liberalization."

Airlines in the Middle East will require 2,610 aircraft over the next 20 years, the report said. One third of those aircraft will replace planes in use now, with the rest for fleet expansion.

Twin-aisle aircraft will account for more than half of the region's new airplane deliveries, compared to 24 percent globally, the forecast said. Single-aisle airplanes will make up 47 percent of regional deliveries and large airplanes will account for 10 percent.

Globally, Boeing has forecast a long-term demand for 35,280 new airplanes, valued at $4.8 trillion.

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