The cost of renting a 14-passenger jet from Qassim Airport in northern Riyadh to Geneva has reached €94,000 last week. This amount is approximately 57% higher compared to the time before the closure of King Khalid Airport and has significantly boosted the demand for private jets.
Reasons for Increased Demand for Private Jets
Since the 10th of this month and after the attacks by Yemeni armed forces, commercial flights at King Khalid International Airport have been completely halted. This has led foreign executives and wealthy residents of Riyadh to turn to the smaller Qassim Airport to rent private planes. Those who cannot afford the cost of a private jet are forced to travel by car to Bahrain or Qatar.
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Charles Robinson, CEO of the private jet booking platform Access Jet, noted that the cost of renting private jets from Saudi Arabia to Europe has reached $150,000, and the cost of shorter trips to the UAE ranges between $30,000 to $50,000. While demand has surged, the number of available aircraft is limited.
Factors Influencing Price Increases
Another reason for the price increases is the rise in war risk insurance premiums that airlines are paying under the current security conditions in Saudi Arabia. The premium for large 18-passenger aircraft has reached $20,000 per flight. Additionally, despite Saudi Arabia having other international airports like Jeddah and Dammam, security issues and warnings regarding Yemeni attacks have forced many foreign airlines to cancel or limit their flights to these cities.
Ground travel to Bahrain or Qatar is also time-consuming and risky. Therefore, private jets that can operate from smaller airports like Qassim have become the only safe and quick way for the wealthy to exit Saudi Arabia, leading to increased prices.
Widespread disruptions in flights have occurred following intensified missile and drone responses from Yemeni armed forces to Saudi airport infrastructure. On October 10, these attacks resulted in the deaths of 13 people and injuries to over 300, forcing Saudi officials to close King Khalid Airport. This airport, as a crisis hub, has been completely shut down since Saturday, October 10, and during peak disruption days, up to 82% of its outgoing flights were canceled or not operated.
Yemeni forces have recently referred to Riyadh as an "unsafe capital" and warned airlines about using Saudi airspace except for Mecca and Medina. They also advised investors to divest their shares in Aramco.
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