The Middle East will require $745 billion in aviation services through 2037 to keep up with growing passenger and cargo traffic in the region, according to Boeing.
A report on Monday from Boeing Global Services, a unit under the American aircraft manufacturer, said the demand for services will be driven by a need for nearly 3,000 new commercial aircraft in the Middle East over the next 20 years.
With that will come demand for nearly 218,000 new personnel — 60,000 pilots, 95,000 cabin crew members, and 63,000 technicians — in the region.
The report is based on projections of an economic growth rate of 3.5 per cent in the Middle East and a 5.2 per cent growth rate in passenger traffic.
Globally, Boeing expects the commercial aviation support market to be worth around $8.8 trillion by 2037, with annual spending more than doubling to over $615 billion by then.
Accounting for the largest share of the market will be Asia-Pacific, where the services market is projected to be worth $3.37 trillion, followed by North America at $1.85 trillion.