Frost & Sullivan has reported the economic progress of Malaysia and a growing number of high net-worth individuals in the country are leading to a steady growth in the demand for business aviation, the company said.
This coupled with the regional dynamics of the industry, wherein existing hubs such as Singapore´s Selatar airport and Hong Kong International Airport are giving preference to commercial flights, present an ideal moment for Malaysia to capitalise.
A recent survey conducted by Frost & Sullivan among industry stakeholders in the Asia Pacific region, reported the Sultan Abdul Aziz Shah airport at Subang in Malaysia is the most favoured choice for the next business aviation hub in the region.
Frost & Sullivan estimates that the business aviation fleet owned and used by Malaysians, which stood at 51 jets in 2017, can potentially reach to 124 jets by 2030.
The availability of a complete ecosystem, including charter operators, authorised maintenance centers, fixed-based operators and parking space, were key reasons that helped Singapore and Hong Kong to emerge as hubs for business aviation.
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