When Emirates Airline paid Arsenal Football Club £100m ($198m) to brand its London football ground the Emirates Stadium, it was not just a branding exercise – it was in many ways an indicator of the shifting power balance in the global aviation industry.

While the rest of the world’s aerospace is blanching at the steadily increasing price of oil, the Gulf is using its vast petrodollar wealth to kick-start an industry, and is rapidly emerging as a significant force.