Citi eyes $4oom plane financing deals in the Gulfwww.videopublicradio.org
By Shakir Husain, Staff Reporter Published: August 09, 2008, 00:01
Dubai: Citigroup is discussing eight to 10 private aircraft financing deals worth more than $400 million in the Gulf as the largest US bank seeks to benefit from the growing ownership of jets among wealthy individuals in the region.
Mary Schwartz, global head of aircraft finance for Citi Global Wealth Management, said private jet purchases in the Gulf Cooperation Council (GCC) doubled in the last two years from 43 deals in 2006 to 86 in 2008.
Growing airport security hassles, overcrowding and flight delays are encouraging wealthy individuals and companies in the region to have their own planes, she told Gulf News in a phone interview.