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EgyptAir in deal to buy 24 Bombardier C-Series planes

14 November 2017

The two agreements, which total 43 firm CSeries orders, are expected to generate momentum for the narrowbody jets and follow an October decision by Airbus SE to take a majority stake in the plane program.

Montreal-based Bombardier Inc. has signed a letter of intent to sell up to 24 CS300 aircraft to EgyptAir Holding Co.

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Bombardier recently released its 20-year forecast for the African market, showing intra-regional traffic growing at 4.6% per year and the 60/150-seat fleet more than doubling over the period with the delivery of 550 aircraft. A U.S. trade commission will decide in early 2018 on whether to impose duties of almost 300 percent on the planes as urged by the U.S. Commerce Department.

"We selected the C Series aircraft because its excellent range will allow us to best serve domestic and regional destinations, including neighbouring Arab cities, the Middle East as well as European destinations", said Safwat Musallam, chairman and chief executive of the the Cairo-based carrier. The CSeries was two-and-a-half years late and more than $2 billion over budget when it entered service at Deutsche Lufthansa AG's Swiss unit in July 2016.

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EgyptAir is separately expected to unveil a deal for at least six Boeing 787 Dreamliners, the first passenger jets made from lightweight carbon-fiber composites, said people familiar with the discussions.

The shopping spree, following months of negotiations, marks an expansion push for Egypt's flag carrier after it weathered slumping tourist visits and a fatal crash past year.

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Colin Bole, Bombardier's senior vice president of commercial aircraft, said there were no particular conditions or terms that needed to be met to finalize the deals.

EgyptAir in deal to buy 24 Bombardier C-Series planes