Civil Aviation Minister Dr. Sameh El-Hefny said the ministry was implementing a restructuring plan for EgyptAir to strengthen its competitiveness and achieve financial and operational sustainability. He explained that the airline had faced accumulated challenges since 2011, worsened by exchange-rate fluctuations and the effects of the COVID-19 pandemic. With around 80% of its expenses denominated in foreign currencies, accumulated losses reached EGP 31.5 billion.
Financial, technical and operational policies introduced over the past three years have helped the airline achieve its highest profitability levels and reduce accumulated losses from EGP 31.5 billion to EGP 5.9 billion. The target is to eliminate the remaining losses within the next two years.
El-Hefny made the remarks during the “Foreign Exchange Resources and Debt Management” session at Egypt Forum 2026, held under the patronage of President Abdel Fattah El-Sisi. He also outlined state plans to develop Egyptian airports, expand air transport capacity and infrastructure, and modernize national airline fleets to support inbound tourism and increase the sector’s contribution to foreign-currency earnings, in line with development and expansion targets through 2030.
The minister said EgyptAir had advanced in international rankings to 46th place globally in the Skytrax ranking after previously being outside the list. It has also won international awards, including the World’s Most Improved Airline award, reflecting improvements in operations and services and supporting its position within Star Alliance.
EgyptAir’s fleet modernization plan targets 125 aircraft by 2030 and 200 by 2035, supporting route expansion and the ability to meet growing travel demand.
In parallel, Air Cairo, EgyptAir’s low-cost arm, continues to expand its fleet, which has grown from six aircraft approximately six years ago to 43 today. It aims to reach 80 aircraft by the end of 2029 and 134 by 2034, supporting a broader destination network and stronger connectivity, particularly through regional airports and tourism destinations.
The session was attended by Central Bank of Egypt Governor Hassan Abdalla; Finance Minister Ahmed Kouchouk; Planning and Economic Development Minister Dr. Ahmed Rostom; Tourism and Antiquities Minister Sherif Fathy; Investment and Foreign Trade Minister Dr. Mohamed Farid Saleh; and Suez Canal Authority Chairman Admiral Osama Rabie, alongside experts and specialists. Broadcaster Dina Salem moderated the discussion.
