RAK Airways wants fleet of seven in five years

London: The newly established Ras Al Khaimah Airways wants to acquire seven aircraft within five years according to a government official.

"We have already signed the contracts with Boeing for leasing to own three aircraft; two 757s and one 737 model," said Dr Khater Massaad.

There are ongoing negotiations with Airbus for yet another two planes, as the new company seeks to have a fleet of seven aircraft within five years.

"We intend to launch the first regular flight to India by February 2007, to be followed by other routes such as Pakistan, Bangladesh, Iran, and the GCC countries," he added.

The company also seeks weekly charter flights to several European destinations, to cater for the increasing numbers of arrivals from Europe.

"We are also investing $50 million to expand and develop the airport and increase its capacity from 500,000 to 1 million visitors in less than five years," Dr Massaad said.

With an authorised capital of Dh800 million, and a paid up capital of Dh650 million, the new company seeks to invest about Dh5 billion in developing the airport, enhancing the tourism infrastructure, in addition to aircraft purchases.

The airport development includes establishing a new terminal, as well as upgrading the runway to international standards.