Despite the gloomy economic scenario, the business aviation sector in the region is growing at 40 per cent annually, said Al Jaber Aviation chief executive (AJA), Mohammad Al Jaber.

Al Jaber Aviation was launched yesterday, with a fleet of 21 aircraft on order valued at about Dh4.4 billion ($1.2 billion), according to a Gulf News report.

'The aviation sector has struggled this year. Last week an article outlined that so far this year 30 airlines have gone bust with another 20 on the watchlist,' he said.

'Here in the Middle East, the sector continues to carve highly lucrative opportunities across the aviation sector, none more so that in business aviation.'

The region's business charter jet market is estimated to be about $500 million per year, rising at a rate of 25 per cent, he noted.

AJA will begin operations in February 2009 and expects to receive all its aircraft on order over the coming five years.