Dubai's wealthy elite are driving a surge in private jet usage, contributing to a booming luxury aviation market.

At 3am, inside the VIP terminal of Dubai’s Mohammed Bin Rashid Aerospace Hub, an ultra-long range jet is prepped for its flight to Europe, awaiting its high-profile passenger and entourage.

For this ultra-wealthy individual and others like him, this is just another routine trip. Money is no object, and every detail is customized—from the luxurious bedding on board to the Big Mac meal ready upon his arrival at his seat.

“Wherever he flies, whether it’s McDonald’s or KFC, it must be both,” said Lilit Avetikyan, CEO of the newly launched private jet company Voyex.

For Avetikyan, serving the extravagant demands of multi-millionaire clients is all part of the comprehensive luxury service she provides, from fast food indulgences to exclusive Oscars tickets or tailor-made mystery vacations.

As a premium private jet charter broker, Voyex provides access to a global network of over 20,000 aircraft, all available for immediate departure within hours.

“We have exclusive access to two aircraft reserved only for ultra-high-net-worth clients, such as royal families and governments—these jets are like private villas in the sky,” said Avetikyan.

While much of the world grapples with a cost-of-living crisis, the UAE’s millionaire population is growing faster than anywhere else, driving an increasing demand for both corporate and luxury private aviation.

“It’s all about an abundance mindset,” says Vanessa Budah, VP of Communications and Lifestyle at Voyex, reflecting on Dubai, the company's current base of operations.

“We cater to high-level clients—delegates, government officials, and celebrities,” she explains. “These are top-tier individuals whose privacy we must always protect.”

A magnet for millionaires

According to the 2024 Private Wealth Migration report, the UAE is poised to attract nearly double the number of millionaires as the US, with a surge of wealthy individuals from India, the Middle East, Russia, Africa, the UK, and Europe.

“Over the past five decades, Dubai has established itself as a luxury global hub, with the world's wealthy targeting the most exclusive properties the city has to offer,” says Faisal Durrani, head researcher at Knight Frank Middle East.

Durrani highlights that the global super-rich's appetite for luxury and exclusivity extends to private aviation, driving its growth in Gulf nations like the UAE and Saudi Arabia, aided by Dubai's long-established reputation as a global connectivity hub.

“In December 2020, when much of the world was in lockdown, the UAE remained open. Many ultra-high-net-worth individuals, stranded elsewhere, turned to Dubai as their first destination, the only place they could visit,” she recalls.

“Ultra-high-net-worth individuals are flocking to the region,” said Mouallem. “And many are bringing their corporate headquarters with them, creating a double impact.”

Environmental impact

With aviation contributing to 3% of global carbon emissions, not all countries are eager to embrace private aviation. The Netherlands, for example, plans to ban private jets and small business aviation at Schiphol airport starting in 2026, aiming to reduce noise pollution and CO2 emissions per passenger.

According to the European Federation for Transport and Environment, private jets are 10 times more carbon-intensive than commercial airliners and 50 times more polluting than trains.

Mouallem noted that the private aviation sector is no stranger to shifts, including bans on private aviation, but stressed that the focus should be on increasing the use of sustainable aviation fuel (SAF), rather than restricting flights.

Sustainable aviation fuel (SAF) can cut CO2 emissions by up to 80% and can be sourced from a variety of renewable feedstocks, including animal fats, oils, household waste, and crops.

In November 2023, Emirates conducted a demonstration flight using an Airbus A380 powered entirely by 100% SAF. While some airlines are already using blended SAF, the International Air Transport Association forecasts that global SAF production will remain limited in 2024, with capacity not exceeding 1.5 million metric tons—just 0.5% of the total jet fuel demand.

Mouallem mentioned that the company has purchased 4.2 million US gallons of blended SAF over the past year.

Voyex does not currently offer carbon offsets to its clients, but Avetikyan stated that the company is in talks with an environmental organization to donate a portion of its profits to tree-planting initiatives.

Avetikyan expressed optimism about Emirates' SAF demonstration flight last year, though she emphasized that it will take time before there is sufficient supply to transform the industry.

“As aircraft charter brokers, our influence is limited,” Avetikyan noted. “The decision rests with the operators and suppliers. However, my clients shouldn’t feel guilty about the environmental impact of private aviation.”

“I don’t believe in apologizing,” she said. “I’m speaking on behalf of my clients. They shouldn’t feel bad... they absolutely deserve the experience of flying privately.”