AGL 40.01 Increased By ▲ 0.01 (0.03%)
AIRLINK 127.00 Decreased By ▼ -0.04 (-0.03%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.60 Increased By ▲ 0.05 (0.58%)
DFML 41.33 Decreased By ▼ -0.11 (-0.27%)
DGKC 86.60 Decreased By ▼ -0.25 (-0.29%)
FCCL 32.29 Increased By ▲ 0.01 (0.03%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 110.00 Increased By ▲ 0.43 (0.39%)
HUMNL 14.88 Increased By ▲ 0.20 (1.36%)
KEL 5.04 Decreased By ▼ -0.01 (-0.2%)
KOSM 7.40 Decreased By ▼ -0.06 (-0.8%)
MLCF 41.30 Decreased By ▼ -0.08 (-0.19%)
NBP 60.49 Increased By ▲ 0.08 (0.13%)
OGDC 190.00 Decreased By ▼ -0.10 (-0.05%)
PAEL 27.75 Decreased By ▼ -0.08 (-0.29%)
PIBTL 7.75 Decreased By ▼ -0.08 (-1.02%)
PPL 149.74 Decreased By ▼ -0.32 (-0.21%)
PRL 26.75 Decreased By ▼ -0.13 (-0.48%)
PTC 16.20 Increased By ▲ 0.13 (0.81%)
SEARL 86.02 Increased By ▲ 0.02 (0.02%)
TELE 7.73 Increased By ▲ 0.02 (0.26%)
TOMCL 35.50 Increased By ▲ 0.09 (0.25%)
TPLP 8.10 Decreased By ▼ -0.02 (-0.25%)
TREET 16.45 Increased By ▲ 0.04 (0.24%)
TRG 53.41 Increased By ▲ 0.12 (0.23%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,983 Increased By 99.6 (1.01%)
BR30 31,127 Increased By 526.8 (1.72%)
KSE100 94,073 Increased By 717.8 (0.77%)
KSE30 29,148 Increased By 217.4 (0.75%)

A new budget airline formed by Egyptian Travco Group and the United Arab Emirates' Air Arabia hopes to begin operating by the end of 2009 from as many as five Egyptian airports, the head of Travco said. The airline, Air Arabia Egypt, will seek Egyptian government permission to use airports at Cairo, Alexandria, Luxor, Hurghada and Sharm el-Sheikh to fly to European, Middle Eastern and north African destinations.
"We intend to submit our plan in the next weeks, and depending on the approvals we get we will decide on the operation and conditions of operation," chairman and chief executive Hamed El Chiaty told Reuters in an interview. Travco, Egypt's biggest tourism company, owns 50 percent of the airline, Air Arabia 40 percent and an independent Egyptian investor 10 percent, Chiaty said. Its initial capital is $20 million, increasing to $50 million over the next three years. The airline will lease aircraft from Air Arabia or other sources, Chiaty said.

Copyright Reuters, 2009

Comments

Comments are closed.