Air Arabia and Travco Group have announced the signing of a joint venture agreement to launch a new low cost carrier based in Egypt - Air Arabia Egypt.
The new carrier will serve Europe, Africa and Asia markets and will represent Air Arabia third hub after UAE and Morocco.
Building upon Air Arabia’s existing services to 57 destinations across Europe, the Middle East, Africa and Asia, 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 wider region.”
“On behalf of the Air Arabia Group, I am delighted to announce this new partnership with the Travco Group, that will expand Air Arabia services in Egypt and across the wider Europe, Africa and Asia region,” said Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia.
“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 low-cost model pioneered in the Middle East and North Africa by Air Arabia.