Sólyom Hungarian Airways (HUN, Budapest) is a planned replacement for defunct national carrier, Malev (MA, Budapest), that could début as early as August with flights to Europe and the Middle East. Run by József Vágó, a former director of the National Transport Authority (NTA), the USD5.1billion (EUR4billion) venture is said to be backed by Middle Eastern minority investors with launch plans calling for a fleet of six initial aircraft, though this is expected to grow to fifty come 2017. A full-service carrier, Sólyom will face stiff competition from local and regional low cost airlines as it aims for an ambitious throughput of 3 million passengers in its first year.