Israir to Host Investors in Cyprus for $10 Million Expansion Announcement

Israeli airline Israir, led by CEO Uri Sirkis, will fly investors to Cyprus on November 10th for a one-day visit. The trip will focus on Israir's maintenance center in Larnaca, operated by the logistics and aircraft maintenance company BIRD Aviation, which Israir acquired two and a half years ago for approximately 6 million euros.

The purpose of the visit is to announce a $10 million investment to expand the Larnaca center by an additional 7,000 square meters. This expansion is intended to accommodate the maintenance of wide-body aircraft.

The flight will utilize one of Israir's two recently purchased Airbus A330 wide-body jets, acquired for $85 million as part of the airline's strategy to fly to destinations like New York. Israir's controlling shareholder, retail magnate Rami Levy, also launched a hotel in Paphos, Cyprus, last year.

The timing of the visit is seen as advantageous for Israir, following a recent incident involving a Flydubai aircraft. Israir stated that "given the dramatic events and the growing demand for Israeli aviation, Israir is advancing the start of sales for summer 2027 to New York by two weeks." The company cited significant demand for Israeli air travel and its intention to offer competitive prices and more direct flight options to New York.

Israir's stock surged 13% last Wednesday and Thursday, reaching a market value of 430 million shekels. However, unlike El Al, Israir's stock has remained stagnant over the past three years, showing a 4% decrease and providing no return to investors.