Jet leasing takes off in Russia

Prestige Jet, the private aviation company operating out of Abu
Dhabi International Airport, is planning to lease a fleet of
corporate jets as part of its new drive into Russia.

Faris Deeb, managing director of Prestige Jet, said: “In our
short history, we have already seen strong growth from this market
segment and we are gearing up our operations for greater expansion
in 2008, through the acquisition and leasing of a number of new
aircraft in the coming months.”
Prestige reckons that up to 25 per cent of its business could come
from the Russian market by the end of 2008.

Commenting on his motives for entering the Russian market, Deeb
said: “Russian consumers have embarked on an unprecedented spending
spree, on all things luxury. This conspicuous consumerism has also
led to more discriminating preferences in transportation and
travel. Russian business people in particular are increasingly
embracing executive jets as indispensable business tools.”

He added: “While the figures show sales of private jets having
increased by almost 50 per cent last year .. . . admittedly
starting from a small base, it remains prohibitively expensive to
register foreign-made planes with Russian airlines because of
exorbitant import duties.”

“As a result more and more companies and individuals are turning
to charter companies, such as ours.”

Prestige Jet began operations in May 2007 and has quickly
established itself as a leading provider of top-of-range executive
flight services from and to the Middle East region, filling a niche
in the fast growing VIP and business aviation market, particularly
in Russia.