December 20, 2022
In 2022 Jetcraft celebrated 60 years in business. Our Founder Bucky Oliver and our Owner and Chairman Jahid Fazal-Karim got together to talk about Jetcraft, our history and pivotal moments along the way.
December 15, 2022 · Raphael Haddad
It’s an exciting time for commercial aviation in Africa. Across the entire continent, there are new trends and developments to respond to. Airlines on the continent are looking for smaller aircraft to implement into their operations, particularly narrowbody types and regional turboprops and jets. In East Africa, we’ve witnessed an increase in activity and change in key players, with Addis Ababa in Ethiopia recently becoming the biggest connecting hub in Africa. There has also been a notable increase in activity in Central Africa, alongside the usual high levels across Southern Africa, which continues to be a dynamic aviation market.
Seizing the opportunities that exist in the African commercial aviation industry means being fully aware of – and being prepared to respond to – the developing trends and the challenges that exist across the regions.
Recession prompts growth in regional aircraft
It’s perhaps surprising to talk about opportunities given that the African A...
Gemma Downs, Transaction Manager, Jetcraft
Location: London, UK
How long have you been at Jetcraft?
I have been at Jetcraft since October 2021.
What are your responsibilities within the global Jetcraft team?
As a transaction manager I deal with all things legal. I get involved from the LOI stage onto the purchase agreement and then closing. My main role is to ensure that we have a successful and smooth closing, ensuring that we get the Bill of Sale in place, making sure that the documents are signed, and ensuring that we are not the ones holding up the transaction.
What do you love most about your job?
I like the challenge of it. Coming from a property background it is quite a similar role, but there are key differences from property to aviation. It has been a really big challenge getting to grips with the aviation law. I’ve been trying to keep up to date with it all and absorb as much information as I can so I can do the job as well as I can while also energizing myself in a challenging role.
Product Overview
The Cessna Citation Latitude is a low-wing aircraft with retractable tricycle landing gear and a cruciform tail. The turbofan engines are pylon-mounted on the rear fuselage and fuel stored in the wings offers generous range for missions. The spacious interior offers a flat floor and circular cabin with space for baggage provided with the integrated steps in the tail cone with additional storage space available in the cabin.
As of June 2022, 14% of the Citation Latitude aircraft were purchased pre-owned by their current owners, the other 86% new. 1.6% are for sale with the majority of those (60%) under an exclusive broker agreement. When for sale the average time on the market is 82 days.
Brief History
The Cessna Citation Latitude (Model 680A) was first announced at the 2011 NBAA convention. The prototype first flew on February 18, 2014 and FAA certification came on June 5, 2015. First deliveries began in August 2015. NetJets purchased a large fractional fleet of 162 Latitude business jets as of June 2022.
Worldwide Appeal
There have been 309 Citation Latitude business jets built and all are in operation today. More than half of those (141) are wholly owned with 6 in shared and 162 in fractional ownership. 3.2% are currently leased. North America has the largest percentage of wholly owned Citation Latitude aircraft (79%), followed by Europe (13%). NetJets owns the largest fleet of Citation Latitude aircraft with 138.
Jetcraft has named Idriss Abdelaziz as Sales Director. The appointment strengthens Jetcraft’s established footprint in EMEA, with Abdelaziz bringing extensive regional knowledge and market intelligence.
Before joining Jetcraft, Abdelaziz was Managing Partner at Swiss-based jet broker, AeroProp, following an eight-year career in investment banking. As Sales Director, Abdelaziz will manage Jetcraft’s sales, acquisitions and trades across 19 territories, including France, Benelux, Southern Europe and Northern Africa.
Pascal Bachmann, SVP Sales, EMEA at Jetcraft, says: “EMEA is an important market poised for continued growth. According to our latest forecast, the share of Jetcraft buyers under 45 has risen by 20% in the last five years, largely driven by activity in this region, and the UHNWI population in Europe, the Middle East and Africa is expected to grow 24% and 21% respectively by the year 2026. We look forward to working with Abdelaziz and drawing upon his experienc...
November 7, 2022 · Chad Anderson
At Jetcraft, our client base tends to be evenly split between Ultra High Net Worth Individuals (UHNWIs) and buyers of corporate fleets.
Naturally, during the pandemic, the level of activity from corporate buyers significantly tailed off, with many businesses establishing policies advising against travel.
The good news for our industry is that, with the world once again open for business, corporate travel is increasing, and companies are looking to renew their fleets as they restart their travel planning.
These are market developments that reflect our own optimistic outlook in our recent 5-Year Pre-Owned Business Jet Market Forecast.
Younger buyers are playing a significant and increasing role in the expansion of the private aviation industry, according to the new data from our latest market forecast.
Ever Forward, Jetcraft’s 5-Year Pre-Owned Business Jet Market Forecast reveals that the share of Jetcraft clients under 45 has risen by 20% in the last five years. Further, these buyers are driving a trend towards larger aircraft purchases, with their average transaction price hitting $25m, some 31% higher than their over 45 counterparts. Nearly a quarter (24%) of Jetcraft’s pre-owned jet buyers in Europe are younger than 45, with this figure rising to 38% in the Middle East and Africa.
Jahid Fazal-Karim, Owner and Chairman of the Board, Jetcraft, says: “We are now entering a post-pandemic business cycle from a new, higher starting point, with a predicted steady upward trajectory fuelled by more and younger first-time buyers entering the market, alongside strong demand for larger jets and a growing UHNWI ...
Product Overview
The Challenger 850 is derived from the Bombardier CRJ-200 commercial airliner. The Challenger 850 has transcontinental range and a high-speed cruise. With the option of auxiliary fuel tanks, the Challenger 850 can have an increased range capacity.
As of July 2022, 77% of the Challenger 850 aircraft were purchased pre-owned, the other 23% new. 9.6% are for sale with the majority of those (86%) under an exclusive broker agreement. When for sale the average time on the market is 252 days.
Brief History
The Challenger 850, formerly the Challenger SE and then the Challenger 800, was first manufactured in 1996 as the Challenger SE (Special Edition) and rebranded in 2006 as the Challenger 850. Production of the Challenger 850 ended in 2017. A total of 74 Challenger SE/800/850 aircraft were produced with one since retired.
Worldwide Appeal
There are 73 Challenger 850 aircraft in operation today. The majority of those (72) are wholly owned with one in shared ownership. 13.7% are currently leased. Europe has the largest percentage of wholly owned Challenger 850 aircraft (41%), followed by North America (31%) and Asia (25%).
Jetcraft is taking the next step in business aircraft sales, acquisitions and trades by establishing the first business aviation lounge in Decentraland, joining luxury brands including Louis Vuitton and Ferrari in the most prominent of the Metaverse platforms.
The Metaverse and Web3 are the new places to do business, with their growth expected to nearly double by 2024, according to Bloomberg Intelligence. Earlier in 2022, Decentraland held the first Metaverse Fashion Week, providing luxury retailers with pop-up stores, and users the opportunity to invest in NFT wearables and limited-edition pieces for their avatars.
Lauren Kinelski, Vice President Marketing, Jetcraft says: “Clients turn to Jetcraft for an unmatched international presence and local insight in every key region. Our sellers reach the widest global network of qualified aircraft buyers, and our buyers gain access to the largest aircraft inventory in the industry. We’re well covered in the physical world, with more...