“Flyland” - the aviation economy above the clouds
Everyday almost 12 million people around the world travel by air on over 107,000 flights. Research conducted by HSBC has identified that if this flying economy above the cloud was its own country, which it has called “Flyland", it would have a GDP of US$400.5 billion, which is larger than the GDP of Norway.
In the United Arab Emirates, a country which has diversified its economy to include a focus on the aviation and transportation, driven by four flagship carriers, the benefits derived from doing business with Flyland are manifest and far ranging. In Dubai alone, according to Oxford Economics research, aviation is estimated to contribute more than 27% to the Emirate's GDP which is expected to risk to 37.5% by 2020.
Kennedys Dubai-based aviation partner Nick Humphrey was interviewed on Dubai's Business Breakfast radio program to discuss the impact of Flyland on the UAE economy, the regulatory impediments and beyond.