Travco Group divests its 50% share in Air Arabia Egypt

Egypt’s leading travel, hospitality and real estate conglomerate, Travco Group International has sold its 50 percent stake in low cost carrier Air Arabia Egypt, it announced in a statement on Thursday.

“We are exiting the airline industry because we prefer to focus on our core competencies in the hospitality, real estate, and tourism industries for the time being.” Hamed El Chiaty, Chairman of Travco, said.

El Chiaty added that the company is injecting sizeable investments into the Egyptian market in order to upgrade its local hotel facilities and develop its properties.

“The company is also expanding its marketing network in Europe, our major source markets, to promote our Egyptian destinations and increase the tourism influx with the aim of giving back to the Egyptian economy,” he concluded.