State-owned airline Egypt Air plans to buy five planes from Boeing and Airbus, the state news agency said on Thursday, quoting the company's chairman.

 "It was decided to buy five airplanes instead of renting them," Tawfiq Assi was quoted as saying by Mena news agency.

 He said the airline was arranging financing to buy two Boeing 777 and three Airbus A330 planes. He did not say how much the company would pay.

 The purchase would bring the number of Boeing 777's in the fleet to eight and the number of Airbus 330's to 11, he said.

Flag carrier Egypt Air, founded in 1932, flies to 60 cities, it said on its website.  It aims to carry 11 million passengers by 2011, from about 6.5 million in 2007 and have a fleet of 75 aircraft by 2013, according to its website.-Reuters