state-owned company with special legislation permitting the management to operate as if the company were privately owned without any interference from the government. The company is self-financing without any financial backing by the Egyptian government. The airline underwent a major corporate re-engineering in 2002 when its structure was changed from a governmental organization into a holding company with subsidiaries. The move coincided with the establishment of the Egyptian Minister of Civil Aviation and the government's ambitious strategy to modernize and upgrade its airports and airline. The airline was given the right to operate without any interference from the government and the duty to do so without any financial backing Egyptair wholly owns Egyptair Express and Air Sinai. The airline has stakes in Air Cairo (60%) and Smart Aviation Company (20%). In May 2006, the airline launched a regional subsidiary called Egyptair Express with a fleet of new Embraer E-170 jets with services commencing in 2007. The carrier links Cairo with Sharm El Sheikh, Hurghada, Luxor, Aswan, Marsa Alam, Abu Simbel and Alexandria (Egypt) in addition to secondary destinations to complement the parent company's network. In June 2009 the subsidiary received the last of the 12 Embraer E-170 aircraft on order. This is fortified by huge assets of more than US$3.8 billion. The airline's financial year is from July to June. For the fiscal year ending 31 July 2007, Egyptair achieved a record total revenue of US$1.143 billion. Total group revenue grew by 14%, as compared with the previous year. In early 2007, the airline partnered with the Egyptian Ministry of Civil Aviation and Egyptian Holding Company for Airports & Air Navigation to form a new corporate airline, Smart Aviation Company, based at Cairo Airport. In 2009, Egyptair's operations at its Cairo International Airport hub (where it holds 61% of the airport's departure slots) were notably overhauled due to the inauguration of the new Terminal 3 in April 2009. The airline transferred all its operations (international and domestic) to the new terminal that has more than doubled the airport's capacity. Under the Star Alliance "Move Under One Roof" concept at Cairo Airport, all Star Alliance airlines serving Cairo have moved to Terminal 3. In 2010 the airline will overhaul operations at its Alexandria base by transferring operations from the older facilities at Alexandria International Airport to the new airport in Borg El Arab Airport. The airline's CEO also stated the company