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New aviation company orders 110 Learjets |
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Thursday, 25 September 2008 |
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A new private jet company has launched in Europe with an order of 110 Bombardier Learjet 60 XRs.
Jet Republic, a brand new private jet company, has placed an order for 110 Bombardier Learjet XRs executive jets, worth approximately $1.5 billion.
The new contract is the largest ever European business aircraft order, and will make possible Jet Republic's aim of providing its services at over 1,000 airports across the continent.
The company is backed by Euram Bank, the leading Austrian private bank, as well as a consortium of its clients. Its new fleet will contain redesigned cabins with the latest communications and security systems, as well as improved seating.
Jet Republic was started in order to take advantage of the growing business aviation market.
It estimates that the number of business jet flight increased by 52.5 per cent between 2003 and 2007. Substantial growth is expected over the next ten years, particularly in Europe, as business travel comes to be seen as a necessity.
Jonathan Breeze, chief executive of the company, said: "Despite the current economic climate, the private jet market is enjoying strong growth."
According to estimates from Bombardier, the business aircraft market will see $300 billion (£161 billion) worth of deliveries in the next ten years, with the global business jet fleet increasing from 12,800 to 24,800 by 2017.
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