Faris Deeb, md of the Abu Dhabi-based Prestige Jets, believes that 25 per cent of the operator's charter business could come from the Russian market by end 2008.

Deeb points out that, since 2000, the Russian GDP has grown by an average seven per cent a year. In the same period, dollar income per head has risen by nearly 29 per cent annually, faster than China. "This unparalleled growth in the population's disposable incomes has created what the media is calling the 'new Russians' which includes an emerging upper middle class who are clamouring for the finer things in life," Deeb says. "Russian consumers have embarked on an unprecedented spending spree, on all things luxury. This conspicuous consumerism has also led to more discriminating preferences in transportation and travel.

Russian business people in particular are increasingly embracing executive jets as indispensable business tools." According to figures released by the Russian Business Aviation Association (ADA), private jet ownership and business aviation movements in Russia and the CIS have rocketed 30 to 40 per cent annually in recent years.

"In our short history, we have already seen strong growth from this market segment and we are gearing up our operations for greater expansion in 2008, through the acquisition and/or leasing of a number of new aircraft in the coming months," says Deeb. Prestige Jet has two Grob spns on order for delivery in 2009. It currently charters a Challenger 604 and 601 and a Hawker between Moscow and the Gulf but flights to other destinations in Russia are commonplace. "Our fleet of diversified, new generation aircraft affords us the flexibility to use commercial and private airfields across the country as starting points."