Israir Plans Major Expansion of Aircraft Maintenance in Cyprus

Israir is preparing for a significant expansion of its aircraft maintenance operations in Cyprus, a move expected to require millions of dollars and support its long-haul flight ambitions. Next month, the airline, led by CEO Uri Sirkis, plans to fly a group of investors to Cyprus to present its plans for growing its maintenance center there. The visit, scheduled for November 10, will focus on the maintenance center in Larnaca, operated by BIRD Aviation, a logistics and aircraft maintenance company Israir acquired about two and a half years ago for approximately 6 million euros.

During the visit, Israir is expected to announce an additional $10 million investment in the facility. This expansion includes adding about 7,000 square meters to the existing center, with a key goal of enabling it to service wide-body aircraft. This capability is seen as increasingly important for Israir as it enters the market for larger planes and long-haul routes.

The investors' trip itself is designed to highlight Israir's transformation. The flight to Larnaca will be conducted using one of the two Airbus A330 wide-body aircraft the company recently purchased for $85 million, as part of its preparation for flights to New York. This expansion in Cyprus comes as Israir seeks to capitalize on growing demand for Israeli airlines.

Cyprus is not a new business destination for Rami Levy, Israir's controlling shareholder. Last year, the retail magnate expanded his operations there into the hotel industry with the launch of a hotel in Paphos. Meanwhile, the stock market has recently shown support for Israir's stock, which surged 13% last Wednesday and Thursday, bringing the company's market value to approximately 430 million shekels.