Address a Annual General Meeting, IATA Director General and CEO Giovanni Bisignani said "Recent reports from IATA has indicate that the carriers of the MENA have grown from 5 percent to 11 percent in the term of global traffic. Planned aircraft purchases will support this growth in future and also helps in the expansion of global aviation community."
"The financial situation of the MENA carriers is improving and we are expecting the region to make $40 million profits this year, " he added.
"A modern approach is helping in the growth of aviation community. While demand is in line for a 21 percent increase over last year, the capacity increase has been limited to 15.9 percent," said Bisignani.
"For 2011, IATA expects a fall in global profitability to $5.3 billion from the $8.9 billion that airlines are expected to make in 2010. IATA expects MENA carriers to follow the trend with a reduced 2011 regional profit of $300 million, " he added.
In the session Bisignani also highlighted the main challenges needed for the growth of the aviation community that is- Safety, Infrastructure, Technology for Simplifying the Business, Government Involvement and
IATA is an international industry trade group of airlines and its mission is to represent, lead, and serve the airline industry. IATA represents some 230 airlines comprising 93 percent of scheduled international air traffic.