GCC
The airline industry may see a slight pax decline however the airlines out there in the GCC operate on a whole different, platform. With oil showing a downward trend at around $75 and companies out in the GCC most of which are government owned, these airlines have a huge and massive amount of "petro dollars" hence the unmatched A/C orders. These orders as to my understanding are confirmed with few options, plus not fully owned yet financed by banks which do massive business in today's diverse market, "soverign wealth funds" so in some sort of a dynamic unusual operating scheme one side of the operation may loose money but with so many ventures linked together they seem to end up positive go figure!! As the aviation industry may be changing growing worldwide population is expanding with the GCC inline to promote their new region ie. hotels and theme parks so in turn pax do show up, of course ticket prices will be lower due to competion which= more affordable travel.