RIYADH, 22 December 2006 — National Air Services, the leading provider of private aviation services in the Middle East, on Wednesday renewed its agreement with NetJets, a recognized name in private aviation. The announcement was made by Taher Aqueel, NAS’ newly appointed CEO, who said the renewal of the agreement would enable the company to enhance and expand the NetJets Middle East (NJME) Program. NetJets Middle East is an operating business division of NAS, based in Jeddah.
“We will invest more than $800 million in expanding the NJME fleet in the Middle East over the next five years. Growth in the Middle East is estimated at almost eight percent annually. This investment will enable NAS to serve the increasing demand for private and executive aviation services in the region,” said Agueel.
NAS and NetJets launched the NetJets Middle East program in 1999. Since then, NetJets’ innovative approach has provided world-class private aviation services to business executives in the Gulf States and the Middle East region.
The NJME fractional aircraft ownership program allows individuals and companies to buy a portion of a private business jet at a fraction of the cost of whole aircraft ownership, and guarantees availability 365 days a year with just a few hours’ notice. NetJets’ Middle East fractional owners purchase shares as small as 1/16 (the equivalent of 50 hours of annual flight time). NetJets Middle East also offers aircraft management, charter management, and on-demand charter services.
Speaking on behalf of his company, chairman of NetJets Middle East, Vincent Santulli, said that “for customers wishing to fly to, from or within the Middle East, NJME offers guaranteed availability of aircraft, access to the NetJets fleet worldwide, world class service and an unparalleled safety record-all with none of the responsibilities of managing a fleet. Our renewed partnership with NAS will enable NJME to continue serving the private aviation needs of this growing region.”
The NJME program is operated under the same principles as the NetJets US program created in 1986 by NetJets Inc. Chairman and CEO Richard Santulli as the world’s first fractional aircraft ownership program. Since its establishment in 1999 by a group of Saudi investors, NAS has become the leading provider of aviation services in the Middle East. Based in Riyadh, the company provides its vast array of customers in the region with complete and innovative aviation services.
Currently, NAS has a work force of 700 employees drawn from 37 nationalities, with Saudis comprising 45 percent of its work force. The products and services offered include NetJets Middle East (fractional aircraft ownership & lease), Al-Khayala Airlines which targets business and first class travelers, Aircraft Management Services, Aircraft Charter Services, other unique aviation solutions and soon a commercial low-frills carrier. NAS has the fastest growing private aviation fleet in the Middle East currently comprising more than 33 aircraft under management from global manufacturers, which include Airbus, Boeing, Gulfstream, Dassault and Raytheon.