Thailand’s MJets buys stake in WingsOverAsia

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Aviation Festival AFA 728 x 90Thailand’s MJets has announced an investment in WingsOverAsia Pte Ltd, a Singaporean private jet service provider. This investment marks a steppingstone for MJets to expand its service network across Southeast Asia and other Asian countries, aligning with the growth trends in the private jet industry in the region, which continues to experience increasing demand.

Company officials at the signing ceremony. (PHOTO: MJets)

Kirit Shah, Co-Owner and Director of MJets, said, “MJets commenced operations in Thailand in 2007. In 2010, recognising the potential and growth opportunities in the personal aviation sector in Thailand, the company expanded its business to its fullest capacity by establishing the country’s first Fixed Base Operator (FBO) facility, which was voted the best FBO in Asia for nine consecutive years by Aviation International News (AIN). Currently, MJets operates in seven main business segments: 1) Aircraft Charter Services, consisted of 2 Cessna Citation Bravo, a Cessna Citation X, a Glufstream GV, and the latest Gulfstream G550 2) Air Ambulance Services, 3) Aircraft Management, 4) Private Jet Terminal and VIP Lounge Services, 5) Aircraft Maintenance Services, 6) Comprehensive Ground Handling Services and FBO Facilities, and 7) Aircraft Brokerage and Consulting Services. MJets is considered one of the largest and most comprehensive service providers in Southeast Asia. Additionally, it has extended its personal aviation business to other Asian countries, including India, Myanmar, and Cambodia.”

William Ellwood Heinecke, Co-Owner and Director of MJets, added, “With the continuing upward trend in the growth of the private jet and general aviation market in Southeast Asia, as predicted by Mordor Intelligence, a market research organization, which forecasts a compound annual growth rate (CAGR) of 14.36%, the market value is expected to rise from USD 463.39 million in 2024 to USD 906.39 million in 2029. This growth is driven by the tourism sector and the increasing number of high and ultra-high net worth individuals seeking superior travel experiences, as well as the rise in business activities such as meetings, conventions, and inter-organisational networking events in the region. All these factors contribute to the growing demand for personal aviation services, representing significant business opportunities. Consequently, MJets aims to increase investment and expand its aviation network in Asia this year and in the future, reinforcing its leadership in the general aviation industry and striving to become the number-one comprehensive private jet service provider in Asia.”

Natthapatr Sibunruang, Chief Executive Officer of MJets Limited, stated, “Given the stable performance and positive outlook for the general aviation industry in Southeast Asia, MJets has invested in “WingsOverAsia,” a leading private jet and general aviation company with extensive network in Southeast Asia, along with holistic private jet facilities and services in Singapore. This movement not only lays a foundation for MJets to expand its business operation in Southeast Asia, but also serves as a long-term investment plan to drive the business further and become a world-class player within the industry. With this synergy, we strongly believe that we will be able to achieve the expected goals. Thus, we are intended to expand our operations to cover all countries in Southeast Asia by 2026.”

Ng Yeow Meng, Founder and Managing Director of WingsOverAsia, stated, “Founded in 2009, WingsOverAsia went from pioneering Asia’s first private aviation social network and concierge, to designing and building Asia’s first purpose-built private aviation service facility based at Seletar International Airport, Singapore. Services integrated in our modern hangar facility includes aircraft sales and maintenance, aircraft management, flight training, trip support, in-house food and beverage, and exclusive lifestyle activities and concierge services for our members. With a comprehensive true one-stop-shop model that has been growing steadily with significant penetration in the regional fixed-based operator market and training aircraft sales market, combined with our expertise of servicing clients throughout Southeast Asia, we are confident that WingsOverAsia will be an excellent growth partner for MJets in advancing the private aviation business in both the Southeast Asian and broader Asian markets.”

“In the future, in addition to supporting MJets in achieving its goal of becoming the number-one private jet and personal aviation business in Asia, WingsOverAsia plans to further develop its operations and service reach for customers in all sectors internationally as well as expand our business jet support capability and footprint. This will include introducing and enhancing local/regional jet ownership support infrastructure for new models of private jets following the tradition of our one-stop shop concept. We aim to partner with OEM companies with advanced aviation technology to offer the most exceptional, innovative, luxurious yet safe experiences. We have a vision to create a next level service experience for aircraft owners and operators based in Southeast Asia,” Ng said.

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