Joint Syria-Lebanon Airline is Underway
Lebanon and Syria are planning to launch a joint airline, Syrian transport minister, Makram Obeid, was quoted by the Daily Star newspaper as telling Tishreen newspaper.
Obeid said the project was being seriously studied in both countries.
The joint venture on behalf of Syrian Arab Airways and Middle East Airlines would need a starting capital of $20 million, and it would begin with 3 planes that can accommodate up to 30-passengers each, the minister was quoted as saying.
The Syrian and Lebanese airlines would own 30 percent of the project, while private sector Syrian and Lebanese investors would make up 40 percent.
The remaining 30 percent would be sold on the stock market, added the minister.
This project, Obeid added, was not a substitute for Syrian Airways, but rather, a compliment to it.
By 2002, the minister concluded, Syrian Airways would have doubled in size and, over the near future, was expected to start direct flights to the US and Australia.
According to the paper, the new airline would be the first private sector foray for both the Lebanese and Syrian national carriers -- Albawaba.com