Gulf carriers keep industry afloat

Orders for new aircraft from Gulf-based airlines at the just-concluded Farnborough Air Show testify to continued optimism about aviation growth in the Middle East while the global aviation industry is troubled by mounting fuel bills, GN reported.
Contracts signed by Arab carriers with planemakers Boeing and Airbus at the event are valued at more than $40 billion at list prices, and eclipsed the deals signed by airlines from other regions.
With global crude oil prices above $140 a barrel, most carriers are trying to cut costs rather than think about new plane purchases, industry watchers say.
While some Gulf airlines have begun to worry about the impact of soaring fuel prices, the regional aviation market in general benefits from the liquidity-boom from high oil export incomes of Gulf countries, which are pumping billions of dollars into real estate, tourism and infrastructure projects. full story