EgyptAir signs letter of intent to buy 24 Bombardier CS300 jets

In a statement released on Tuesday, Bombardier said the letter also included purchase rights for an additional 12 aircrafts.

A firm order contract would fetch a value of approximately $1.1bn, based on the list price of the CS300 airliner, although this could increase to as much as $2.2bn if EgyptAir exercised its options for 12 more aircraft of the same model.

On the relationship between the two countries, Safwat Musallam said: “It is our pleasure to have this new partnership with Bombardier, which came as a continuation of our fleet modernization strategy. We undertook a thorough evaluation process of our fleet and realized that the CS300 would fit perfectly into our business plans and growth strategy.

"We selected the C Series aircraft because its excellent range will allow us to best serve domestic and regional destinations, including neighboring Arab cities, the Middle East as well as several European destinations. This is in addition to the CS300 aircraft’s exceptional economics and outstanding cabin. We look forward to expanding our network with the CS300 and we are happy to see that the partnership announced with Airbus will bring added support to the C Series program."

For his part, Fred Cromer said: "We’re thrilled that EgyptAir selected the CS300 aircraft to renew its fleet.

"Bombardier’s 20-year market outlook foresees demand for 450 airplanes in the 60- to 150-seat category for the region and this LOI confirms the need for right-sized aircraft in the Middle East. We are confident that our small single-aisle C Series is ideally-suited to serve the hot temperature environments of the region and will undoubtedly provide performance and economics that will drive higher profitability."