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The aviation industry in the Middle East is set to witness a compound annual growth rate (CAGR) of 6.32 per cent by 2016, according to a report
The report Aviation Market in the Middle East 2012-2016 cited the overall increase in global air traffic and the rise of low-cost carriers as key reasons for growth. The aviation market in the Middle East has also been witnessing the increasing cost of airport operations, it added.
The report has been prepared with inputs from industry experts and primarily focuses on the Middle East sector.
With the rise in air traffic also comes the need to manage and handle the huge volume of passengers, luggage and cargo at the airports, thereby leading to high demand in the aviation market in the region.
The development of greenfield airports is also another reason mentioned in the report for growth of air traffic in the Middle East. Greenfield airports are either for short-term or long-term projects. Short-term planning requires the airport to be developed in five years, whereas the long-term plan involves a development scheme for 20 years.
Greenfield airports are favourable as they use sophisticated technologies and consume less power.