Air Arabia to launch Egyptian LCC

Air Arabia signed a joint venture agreement with Egyptian travel and hospitality conglomerate Travco Group to launch an Egypt-based low-cost carrier that will serve Europe, the Middle East and Africa. The new base will be Air Arabia's third after Sharjah and Casablanca. It did not say where the new LCC will be based or give details on specific routes or a timeline for launch. The venture will have startup capital of $50 million with Air Arabia Group holding 40% stake, according to several ...