Middle Eastern budget carrier Air Arabia has disclosed further details of its planned joint airline venture in Egypt.
Speaking to ATI sister publication Commercial Aviation Online, Air Arabia chief Adel Ali said: "The joint venture is as per Egyptian law for foreign investment, which allows 60% Egyptian ownership and 40% foreign ownership."
He declines to disclose any financial figures. The new low-cost carrier, established in partnership with Egypt's Travco Group, will serve the European, Middle Eastern and African markets. It will represent Air Arabia's third hub operation after Sharjah, its main station, and its 'Maroc' division in Casablanca.
Ali adds: "The new carrier will follow Air Arabia's existing practices of operating new aircraft and organically growing fleet size."
He confirms it will operate Airbus A320s - the exclusive type used by Air Arabia - and adds: "Air Arabia Group will best allocate the aircraft order and number for this hub."
At the end of August the group was operating 20 A320s including 17 at Air Arabia and three aircraft at Air Arabia Maroc.
"We would like to start as soon as we can. We have finalized the legal agreement and we are now looking at the operational requirements," Ali says.