CAIRO: The Tourism Ministry will establish a Joint Stock Company for the management of airport and aviation security measures, Youm7 reported Saturday.
“Sixty percent of the company’s shares in the stock market will be owned by the government while the remainder will be distributed among other security firms,” Youm7 quoted Tourism Minister Hisham Zaazou as saying during his visit to Berlin to participate in the ITB.
He added the company is set to be established in April this year.
The decision aims at tightening security measures at Egyptian airports following the crash of a Russian airliner over Sinai late October killing all 224 passengers aboard. The crash has severely impacted tourism sector, Egypt’s second most important source of hard currency after revenues from the Suez Canal.
The decision is also an attempt to restore confidence in Egypt’s aviation system so that nations revers flight bans.
In December 2015, Egypt hired global consultancy Control Risks to review security at some of its airports.
Hiring private firms to maintain security at public utilities has not been unusual following the ouster of former President Mohamed Morsi and the consequent political turmoil. In 2013, the Ministry of Higher Education contracted with Falcon Group International to restore order at Egyptian universities.