Boeing has found that airlines in the Middle East will require 3,000 new airplanes valued at $700 billion over the next two decades.
That is added to aftermarket services, such as maintenance and repair, worth $740 billion.
The manufacturer said the region is positioned to capitalise on the recovery of international travel and cargo demand.
Boeing provided the estimate in its 2021 Commercial Market Outlook (CMO), a forecast of 20-year demand for commercial airplanes and services.
Middle East passenger traffic and the region’s commercial fleet are projected to more than double over the 20-year forecast period, according to the CMO.
More than two-thirds of airplane deliveries to the Middle East will accommodate growth, while one-third of deliveries will replace older airplanes with more fuel-efficient models.
“The Middle East region’s role as a global connecting hub continues to be important for developing markets to and from south-east Asia, China and Africa,” said Randy Heisey, Boeing managing director of commercial marketing for the Middle East.
“The region has been a leader in restoring confident passenger travel through multi-faceted initiatives that aid international travel recovery.”
Air freight represents an ongoing area of opportunity for Middle East airlines, with the freighter fleet projected to nearly double from 80 airplanes in 2019 to 150 by 2040.
Notably, air cargo traffic flown by Middle East carriers has increased since 2020 by nearly 20 per cent, with two of the world’s top-five cargo carriers based in the region.