The Board of Directors of EgyptAir Holding Company agreed to use the Boeing and Airbus models to develop the company’s fleet within the plan that was previously established. Safwat Musallam, chairman of EgyptAir Holding, said the use of the Boeing 787 Dreamliner was approved, as well as Airbus A320neo.
He told Daily News Egypt that the board has agreed in principle to those models, which represent a large proportion of the 33-aircraft deal, which EgyptAir had previously announced. He explained that the company is considering the financing methods of the deal after the selection of the model, including purchase or lease for the purpose of purchase or lease financing.
He said other meetings would decide on the other models and sizes of aircraft that the company will rely on in the coming period as part of its plan to modernize the fleet. Minister of Civil Aviation, Sherif Fathy, said in press remarks that they have great flexibility in the strategic plan to modernize EgyptAir’s fleet, which allows them to contract aircraft according to financial capabilities. He stressed that other major airlines lease their planes as well. EgyptAir signed a deal with Boeing for nine aircraft of the same model.
The deal was valued at $850m and was financed by Dubai Aerospace Enterprise (DAE). Bernard Dunn, President of Boeing Middle East, North Africa and Turkey, told Daily News Egypt earlier that EgyptAir is among the most important Boeing customers, with most of its fleet of Boeing aircraft. He added that his company had submitted offers to EgyptAir for a bid put up by EgyptAir to obtain new aircraft. Egypt Air is seeking to modernize its fleet with adding 33 planes, including 27 medium aircraft and 6 wide planes. The deal will continue through to 2020/2021, which would make the fleet of 84 planes.