EgyptAir plans jet lease to offset losses
Cairo, February 21, 2011
Embattled national carrier EgyptAir said it was offering to lease 25 of its newest aircraft to other carriers, in a bid to offset staggering losses linked to the unrest that led more than 200,000 tourists to flee the country.
The company said in a statement that it was also offering to provide crew to staff the planes, which it was making available to fellow members of the star alliance network of international carriers.
Egyptair has struggled throughout the anti-government protests, which began on January 25 and continued for 18 days before President Hosni Mubarak stepped down.
The chairman of EgyptAir Holding, the parent company for the airline, said 40 per cent of the carrier's fleet has been grounded.
Hussein massoud also said the company is losing about 80 per cent of its projected revenue. Tourism accounts for about 5 per cent of Egypt's gross domestic product.