Israir Announces 10 Million Dollar Expansion of Cyprus Maintenance Center
Israir plans a 10 million dollar expansion of its BIRD Aviation maintenance center in Cyprus and advances New York flight sales, following a recent 13 percent stock surge.
Israir, led by CEO Uri Sirkis, will fly its investors to neighboring Cyprus next month on November 10. The one-day visit will take place at Israir's maintenance center in Larnaca, operated by BIRD Aviation, a logistics and aircraft maintenance company acquired from the FIMI Fund two and a half years ago for approximately 6 million euros.
Globes has learned that the purpose of the visit is to announce a 10 million dollar investment to expand the center by an additional 7,000 square meters, enabling it to handle wide-body aircraft maintenance. The flight will be operated using one of two wide-body Airbus A330 aircraft recently purchased by Israir for 85 million dollars, with the aim of launching flights to New York. Notably, Israir's controlling shareholder, retail tycoon Rami Levy, launched a hotel in Paphos, Cyprus, last year.
For Israir, the timing is quite favorable, coming in the wake of the attempted terror attack on a Flydubai flight, regarding which the company noted that "in light of dramatic events and growing demand for Israeli aviation, Israir is advancing the opening of ticket sales for the summer 2027 New York season by two weeks." The company added that "the early sales launch comes against the backdrop of significant demand for Israeli aviation, with Israir offering competitive pricing on the route and expanding the options available to Israeli passengers on direct flights to New York."
Israir's stock surged 13% on Wednesday and Thursday of last week, reaching a market capitalization of 430 million shekels. However, in sharp contrast to El Al, Israir's stock has stagnated over the past three years and failed to provide a return to its investors, registering a 4% decline.
