Sharjah-based Air Arabia and the Travco Group,
one of the largest travel and hospitality groups in the Middle
East have signed a joint venture agreement to launch a new low
cost carrier based in Egypt.
The new carrier will serve Europe, Middle East
and Africa markets and will be Air Arabia’s third hub
after the UAE and Morocco.
Building upon Air Arabia’s existing
services to 57 destinations across EMEA, the new airline will contribute to the on-going
development of the Egyptian travel and tourism sector as well as
offer a larger base of customer best value for money air travel.
“The enormous commercial success of Air Arabia in the six
years since the carrier was launched makes clear the strength of
its business model, which we are confident will allow Air Arabia
‘Egypt’ to reach new heights,” said Hamed El Chiaty, Chairman and
CEO of Travco Group. “As the country’s most qualified tourism and
hospitality group, the Travco Group will provide its own keen
insights into the European and Egyptian markets as well as the
Sheikh Abdullah Bin Mohammed
Al Thani, Chairman of Air Arabia, added, “At a time when the global
aviation industry is witnessing serious challenges as a
consequence of the worldwide financial crisis, we continue to move
forward with our strategic expansion strategy, as demonstrated by
this important announcement. Through this new partnership, we look
forward to replicate the success Air Arabia has already achieved
from its existing hubs.”
The new carrier, whose operations will
be managed by the Air Arabia Group, will follow the
successful low-cost model pioneered in the Middle East
and North Africa by Air Arabia.
Arabia, which currently operates a total fleet of 20 new Airbus
A320 aircraft, launched service from Sharjah, UAE, in October
2003. Earlier in May this year, the airline launched its second
hub in Mohammed V International Airport in Casablanca, currently
providing service to 11 destinations across Europe and North
Africa. The airline has a confirmed order with Airbus for the
purchase of 44 A320 aircraft.
See other recent news regarding: