Middle Eastern carriers gained market share during the first eight months of the year, with passenger traffic rising 17.1 percent and cargo demand increasing 14 percent from a year ago.

“The region’s carriers continue to expand their long-haul market share with connections through their expanding hubs, the International Air Transport Association (IATA) said.

Saudi Arabian Airlines and other Middle Eastern carriers had a 11.5 percent share of international passenger traffic in August this year, up from 4.8 percent in 2002, according to IATA data, cited in a Reuters report.

The share could rise further as Emirates last month signed a deal where Australia’s Qantas Airways agreed to use Dubai instead of Singapore as its hub for European flights from March 2013. Under the deal, Qantas will also end a 17-year old alliance with British Airways.

Globally, IATA raised its forecast for passenger demand despite weak confidence in Europe, but pushed its forecast for cargo into the red. The economically sensitive sector is expected to see a 0.4 percent contraction in 2012 instead of 0.3 percent growth as previously forecast.

About 40 percent by value of internationally shipped goods go by air and cargo demand is seen as a barometer for world trade and the health of the economy.

IATA represents some 240 airlines that in turn account for 84 percent of global air traffic. IATA said the world’s airlines have raised their profit forecasts for 2012 and expect improved performance in 2013 as efforts by North American airlines to trim capacity have boosted margins and demand in Asia has held up despite a weak global economy.