Private jet sales to fly high, says Hollywood icon

Hollywood actor Morgan Freeman flew into Dubai to take delivery of his new $7.4 million (Dh27.1m) SJ30 executive aircraft from Emivest Aerospace, a subsidiary of Emirates Investment and Development Company (EIDC).

The Dubai-based company stated the SJ30 sale returns early revenue for the company, which has sold four aircraft till date. The purchase will also help the firm to secure future investment and allow it to explore new markets in the aerospace industry.

"The sale of this SJ30 to Freeman proves the robust nature of business in the UAE and specifically Dubai," said Buti Saeed Al Ghandi, Chairman of EIDC.

"Businesses across the world have suffered in the downturn, but this reaffirms the strength of locally-based companies," he said.

During a press conference held at Dubai International Airport, Freeman said: "After speaking to a number of companies and individuals, Emivest came out on top as the only company that fitted all my criteria."

"I was more than happy to buy from a company based in the UAE as I have travelled on Emirates on a number of occasions and see this as a strong business hub despite the current economic problems across the world," he said.

Talking about the impact of the economic downturn on the private jet industry, the award-winning Freeman, who holds a private flying licence since 2002, said: "I'm currently working for Warner Bros and had to fly to South Africa for this. I decided to take my own aircraft because it's actually cheaper to fly than having others sort out transportation from me."

He continued: "When the economic crisis set in, a lot of individuals began to see private jets as a luxury, but those of us involved in the industry do not think that; it is a big necessity. It is a big money saver and a big time saver for the business."

However, the actor agreed 2009 has witnessed a dip in private jet sales, saying: "There may have been a decline in sales this year, but I definitely see a dramatic turnaround in aviation sales next year."

Al Ghandi added: "Overall, yes, the industry has been affected by the crisis, but our books are full and we're doing well. Being from Dubai, I am very optimistic about the future of the industry in the emirate, and I am proud that we are in a situation where we can witness that Dubai has succeeded in creating such an aircraft."

He said there are no plans to partner with a regional carrier for operations. (With inputs from Bindu Rai)

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