No looking back for Egypt Air after four tough years

Egypt Air plans to focus on developing its long-haul and transit business after accumulating more than US$1 billion of losses since the uprising of 2011.

The state-owned carrier has struggled through a challenging four years as the political turmoil in Egypt kept tourists away.

“I believe that the strategy going forward is growth, growth, growth,” said Sherif Fathi Attia, the chairman and chief executive of Egypt Air Holding Company at a conference in Abu Dhab yesterday.

“The strategy for the next 10 years is going to be capturing the lost market share, increasing long-haul flights and focusing on Cairo as a hub.”

Mr Attia said that 18 per cent of Egypt Air passengers are transiting through Cairo. He hopes to double this number over the coming five years.

“In the future the potential for Egypt Air is hub traffic and connecting traffic, and better use of the geographical position of Cairo,” he said.

In March, Egypt opened terminal 2 of its airport after a series of renovations.

Mr Attia said the airport may need “further improvements” in the transit area.

Currently, Egypt Air has a fleet of 81 aircraft.

It will decide whether to buy or lease new planes in 2016 – after it presents a “restructuring and a long-term plan” to the Egyptian government this December.

“Egypt Air has suffered for years from stagnation and the inability to modernise the fleet,” said Mr Attia. “We still have a young fleet, but we can do better in this respect.”

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