Founded in 1932, the airline is owned by the Egyptian government. On July 1st 2002, Egypt Air was restructured in a Holding Company with seven subsidiaries. In 2005 the Group added Supplementary Industries, and in 2006 added Egypt Air Express as a domestic and regional carrier to complement its network and improve services. In line with the Holding expansion plans, It joint the Star Alliance in July 2008 To date the Group consists of 14 subsidiaries. The Holding activity includes providing strategic direction to all subsidiaries, managing the business portfolio to maximize synergies, air craft leasing, and investing in aviation and tourism-related projects. The national airline of Egypt, which announced but later canceled plans to sell 20% of its shares to employees and the public, is serving nearly 70 destinations in Africa, Asia, Europe, and North America, the carrier also flies throughout the Middle East and to several domestic locations. It operates a fleet of about 40 aircraft, consisting mostly of Airbus jets. Egypt Air owns a cargo carrier, a ground handling services company, an aircraft maintenance company, and a hospital.It also owns controlling stakes in three regional carriers Air Cairo, Air Sinai, and Egypt Air Express. In March 2009, Egypt Air announced a plan to reduce the fares of its tickets by 20-30 percent due to the international decline in fuel prices, competitive pressures and the need to boost air travel during the current economic slowdown. On the other hand, the airline achieved a surplus of LE 695.1 million in FY 2007-08, according to some local press. Recently, by late August 2009, the Holding has finalized signing a deal with the Export-Import Bank of the United States to finance the former purchase of five Boeing 737-800s as part of a major fleet renewal. 2789220000 EGP 3093000000 EGP 40000000000 EGP 20381331000 EGP Joint Stock Public