Subscribe Free
in Business & Finance

Egyptair Holding Company will not be privatised, said CEO

Posted 18 August 2016 · Add Comment

Safwat Mossallam, the chairman and CEO of the EgyptAir Holding Company said the company will not be privatised as part of economic reforms the government will undertake later this year, reports ch-aviation.

Mossallam said there were no current plans to publicly list the EgyptAir Holding Company as there were for several other state-owned enterprises.

Egypt is seeking to raise a USD21 billion loan package from the World Bank, the International Monetary Fund (IMF), the African Development Bank (AfDB), as well as through international sovereign bond issuance, to help kick start an economy currently struggling with a scarcity of US dollars as well as low investor confidence.

Preliminary talks with the IMF over a three-year USD12 billion loan have reportedly resulted in a tentative agreement but as with any IMF loan, it is presumed austerity, privatization, subsidy reduction, and higher taxation commitments will be required before any funding is disbursed.

As such, given its USD1 billion in total losses accumulated since the 2011 Arab Spring uprising and its dependency on government for assistance, the future of the EgyptAir Holding Co. is expected to feature, at some point, in the ensuing talks.

* required field

Post a comment

Other Stories
Advertisement
Latest News

Jazeera Airways begins Indian growth with Hyderabad inaugural

Kuwaiti low-cost carrier Jazeera Airways, has inaugurated its daily flights to Rajiv Gandhi International Airport in Hyderabad, India.

EgyptAir and LOT begin codeshare between Cairo and Warsaw

EgyptAir and LOT Polish Airlines have signed a codeshare agreement for passengers flying between Warsaw and Cairo. Due to this cooperation, both airlines customers will take advantage of convenient connections on LO and MS codes via

GDC Middle East awarded contract by Sierra Nevada Corporation

GDC Middle East has been awarded a sub-contract by U.S. contractor, Sierra Nevada Corporation (SNC) to upgrade King Air 350 aircraft to Special Mission (ISR) aircraft.

Dubai Airshow: Turkish Technic and SAEI consolidate maintenance partnership

Turkish Technic. and SAEI (Saudia Aerospace Engineering Industries) signed an MoU during the Dubai Airshow.

Dubai Airshow: Saudia and Panasonic sign for 35 aircraft IFE deal

Saudi Arabian Airlines (Saudia) and Panasonic Avionics Corporation (Panasonic) have announced a new 35-aircraft commitment for inflight entertainment across the carrier's short haul fleet.

Dubai Airshow: Air Arabia selects AFI KLM E&M for CFM56-5B engine support A320 fleet

Air Arabia has signed a long-term, full engine support contract for its growing Airbus A320 fleet with Air France Industries KLM Engineering & Maintenance (AFI KLM E&M), a major multi-product MRO (Maintenance, Repair, Overhaul)

TAA SK 12MTHS16
See us at
Global Aerospace BT28218AAS2017_BT0711061217AIME BT1204240118Aviation Africa BT18418Aviation Show 267291117BIAS BT271017161118Istanbul Airshow BT 2018