The UAE is expected to spend an average of $11 billion a year through 2031 on an estimated 882 commercial aircraft, according to a report by Airbus on the global market for aircraft.

The UAE is the headquarters for several regional carriers as well as Etihad Airways and Emirates. Dubai has emerged as a major international hub, too. In July Dubai International surpassed the five-million-passenger mark for the first time, breaking the previous record of 4.85 million served in January.

The $224 billion the UAE will spend in the next two decades makes it the third most important market, behind China and the U.S. and ahead of India.

In all, Airbus estimated the world will buy 27,350 passenger aircraft at a value of $3.7 trillion. An estimated $300 million will be spent on top of that for 850 cargo aircraft, which do not need to be replaced as often as their passenger-oriented counterparts.

"Aside from growth in international traffic, by 2031 four of the world's biggest traffic flows will all be domestic - US, China, Intra Western Europe and India - and these account for a third of world traffic," John Leahy, Airbus Chief Operating Officer, said in a statement released Tuesday.

China India Dubai China