Market News

ByMary Whitfill Roeloffs,

Travelers stranded in the United Arab Emirates after missile and drone attacks from Iran forced the closure of the Dubai airport are paying upwards of $140,000 for flights on private jets and driving more than 10 hours to open airports in attempts to leave the region as war breaks out.

Key Facts

The Dubai airport, a global hub and connection point for major air routes across the world, has been closed since Saturday, when nearly 300 flights were canceled and thousands of passengers were left stranded.

While limited operations are expected to resume later Monday, there’s no estimate as to when the airport will fully reopen, and rich travelers have been fleeing for airports in Oman and Saudi Arabia to circumvent the closure.

Altay Kula, a spokesperson for private jet brokerage JetVIP, said demand for private jets has surged sharply while the number of operators willing to fly in the region has plummeted.

James Leach of Air Charter Service said many local aircraft that would usually be used for private flights in the region are stuck at closed airports, meaning planes are coming in from much farther away to pick up passengers, increasing average prices.

Airports in Muscat, Oman, and—to a lesser extent due to visa restrictions—Riyadh, Saudi Arabia, have become travel hubs, both spokespeople said, and Semafor reported that private security companies have booked fleets of SUVs to ferry clients to open airports where they can catch private flights.

Those evacuating include senior executives at global finance firms and wealthy travelers in the region for business or vacation, Semafor reported.

A majority of evacuation flights are headed toward Istanbul, London or Rome, Kula said, with light flight jet trips from Muscat to Istanbul selling for more than $93,000, about twice the usual rate, and rates for heavy jets making the same trip are reaching up to $140,000.