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Air Arabia receives its Air Operator's Ceritificate for Egypt; Fly540 to sign tour agreement

24-May-2010

Air Arabia received its Air Operator's Certificate (AOC) from the Egyptian Civil Aviation Authority, clearing the way for the imminent launch of Air Arabia Egypt, the carrier’s Alexandria-based joint venture company. Air Arabia Egypt’s operations will commence in Jun-2010 from Alexandria Burj Al Arab Airport. Air Arabia's shares fell 0.7% on Friday.

Other Middle Eastern carriers, Royal Jordanian Airlines (-4.5%) and Kuwait National Airways (-3.8%), dropped following a -0.94% decrease in the Amman Stock Exchange.

Lonrho’s (5.8%) Fly540 reportedly plans to sign a partnership agreement with Alice Tours to conduct tours to key tourist destinations at the North Rift.

Meanwhile, Comair (7.7%) and 1time (0.9%) rose even though the Johannesburg Stock Exchange fell by -0.3%.

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Selected African and Middle Eastern airlines share price movements (% change): 21-May-2010


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