Plane worth $76 million set to become the world's biggest private jet

Gulfstream, a plane manufacturer has revealed plans to make a bigger version of its G650 private jet which will be known as G700. G650 was dethroned last year by Bombardier's Global 7500. The announcement has come at a time when the global economy is slowing down on the back of Brexit and US-China trade war. 

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About the jet

The new G700 is scheduled to debut in 2022 and will have a capability of flying 7,500 nautical miles and shall fly just under the speed of sound. The G700 will have the tallest, widest and longest cabin in the industry as per Gulfstream's President Mark Burns who reportedly spoke at a private jet conference. 

Gulfstream is a subsidiary of General Dynamics Corporation is betting that $76 million G700 will attract the world's wealthiest flyers with a bigger cabin and range. The launch customer is Qatar Airways who has placed an order of 10 aircraft for its charter service Qatar Executive.  

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Luxury jet market facing tumultuous time

However, the luxury jet market is facing a tumultuous time amidst a global economic slowdown. A slowdown in orders may start in 2021 as per a study. Even though a wide variety of aircraft models are believed to increase the deliveries for this year and the next one, long term issues are propping up from the US-China trade war, Brexit and a volatile global economy. 

Bombardier began deliveries of the Global 7500 in December last year, raising speculation that Gulfstream will reply with a larger plane. Reports suggested that Bombardier's jet came to market two years later than originally planned and was based on a new design.

(With inputs from agencies) 

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