Boeing forecasts growth for Egypt's aviation sector

"While we expect airlines will be reactive to deal with the current unprecedented slump in the global economy, our long-term market analysis points to continued growth in the Middle East, where air travel has grown at a record pace and averaged more than 12% over the last five years," Tinseth said.

"With its fleet structure and Star Alliance membership, EgyptAir is positioned well to bring regional traffic from Africa and Asia and offer connectivity across the globe -- Boeing's Next-Generation 737 and long-haul 777-300ER (Extended Range) work well within the airline's fleet to facilitate this strategy of utilizing Cairo as a worldwide hub."

he added.

With a value of $260bn, Boeing sees 1,580 new airplanes being delivered to the Middle East over the next 20 years, with approximately 50% of those airplanes being used to meet growing demand in the market. The remaining 5O% of new airplanes will replace those being taken out of service. This strong replacement demand is driven by highly volatile fuel prices and the introduction of newer, more efficient and capable airplanes that help airlines be more competitive.

Boeing's Current Market Outlet (CMO) reflects the reality of today's challenging market environment while retaining a long-term view that portrays how air transport will be transformed over the next 20 years.

The outlook indicates that continued strong fundamentals - including economic growth, world trade, aviation market liberalization and new aircraft capabilities - will drive the need for new airplanes.

The detailed study enables Boeing to better work with airlines in supporting their fleet plans in conjunction with their future economic growth. The outlook facilitates Boeing's strategic plans to drive the development of new airplanes and the improvement of existing models.

Worldwide, Boeing projects investments of $3.2 trillion for 29,400 new commercial airplanes to be delivered during the next 20 years.