“At present there are nearly 400 private jets and their number will touch 800 by 2020,” he said, adding that the region’s private jet market was growing by eight percent annually, which was much higher than the global average.

Speaking to reporters after signing an agreement with American Express, Mr. Kayyal said the deal coincided with the airline’s fifth anniversary. “SPA intends to sign similar accords with major international companies to enhance its services and unify quality standards for its clients. “The new agreement will help control the airline’s operational and travel expenses.”

Mr. Kayyal said SPA has a modern fleet manned by qualified staff.

The airline’s five-year plan focuses on improving its products, expanding its customer base and raising market share. “Our strategy is centered on four points: Leasing private jets, operation, ground services, and maintenance.”

Mr. Fahd Al-Guthami, CEO of American Express, said his company wanted to establish a long-term strategic partnership with SPA. “About 83 percent of the world’s top 500 companies have adopted our financial solutions,” he pointed out.