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Egypt’s flag carrier, EgyptAir, announced plans to sell its entire fleet of 12 Airbus A220-300 aircraft to the US-based commercial aircraft lessor and provider of financing and asset management solutions, Azorra, due to their “unsuitability for weather conditions,” state-owned newspaper, Al Ahram reported.
“We will utilise the proceeds from the deal to repay the loan for purchasing the aircraft,” EgyptAir Chairman and CEO, Yahya Zakaria stated, noting that the first aircraft will be delivered within the next month, with the remainder scheduled for handover by March 2025.
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Privatisation strategy
The 12 aircraft were initially acquired in September 2019 and received in June 2020.
The move comes amid circulating reports of ongoing deliberations to privatise Egypt’s airport management and operation, in a bid to bolster the private sector’s involvement in the economy. Nevertheless, Zakaria has previously rebuffed any plans to privatise the national airline.
“We are not going to be privatised— Egyptair is the flag carrier and the only bird carrying the flag of Egypt all over the world,” he said, stressing that the airline “is not for sale.”
Fleet expansion
Currently, EgyptAir serves 69 destinations and aims to expand its network to 110 destinations as part of its growth strategy.
During the Dubai Airshow held in November 2023, the carrier expanded its fleet with an order for 10 new Airbus A350 wide-body aircraft, slated for delivery between 2025 and 2027, as part of its ambitious plan to expand its fleet and grow its long-haul network.
Additionally, EgyptAir inked an agreement with Air Lease Corporation to lease 18 Boeing 737 Max 8 aircraft, with deliveries anticipated between 2025 and 2026.
Correction: This article has been revised to clarify that EgyptAir has transferred ownership of its 12 Airbus A220-300 aircraft to Azorra, a US-based commercial aircraft lessor and provider of financing and asset management solutions, rather than to Russia’s charter airline, Azur Air, as originally reported by Al Ahram.
