CAIRO: Egypt will launch a new aviation company with capital of $100 million for tourist use, announced Minister of Tourism Hisham Zaazou in a business dinner organized by British-Egyptian Business Association Monday.
The private sector will participate with 75 percent of the company shares, Zaazou added, noting that details of the company will be announced in February.
EgyptAir is one of participating companies in this project, he added.
The ministry will appoint experts conceding civil aviation for getting an appropriate advanced service for the tourists, Zaazou continued, saying that this company will not be an alternative of the current aviation companies.
The tourism sector has suffered a slump since the January 25 revolution in 2011, that was exacerbated after the crash of a Russian plane in which total of 224 people were killed in Central Sinai last October. Russia suspended flights to Egypt and other European countries halted flights to Sharm el Sheikh, and the city is suffering from drastically low hotel occupancy rates.