News

Real Estate Mogul Samih Sawiris Acquires Thomas Cook Germany

Real Estate Mogul Samih Sawiris Acquires Thomas Cook Germany

Samih Sawiris. Photo source: Wikimedia commons

Months after the liquidation of travel giant Thomas Cook, Raiffeisen Touristik (RT) Group, owned by Egyptian billionaire Samih Sawiris, acquired the German subsidiary.

The news, which was announced in a press release by Orascom Development Egypt (ODE), also revealed that hundreds of travel agencies in Germany would be redirected under RT which already overlooks Thomas Cook Netherlands, Otto Resland brand as well as 700 travel agencies.

The press release also revealed that through RT, Sawiris was expanding into the field of tourism; he currently owns hotels in Egypt, the United Arab Emirates, Oman and Switzerland with plans of establishing 35 hotel projects in Montenegro and Morocco.

Almost immediately after UK- based global operator Thomas Cook announced its bankruptcy after it failed to secure an emergency funding of £200m from the UK government, the German subsidiary filed for insolvency.

Thomas Cook’s liquidation resulted in the cancelling of 25,000 booked reservations in Egypt.

As such, Sawiris’ aquicisition is seen as significant as he is considered one of the leading tourism and travel businessman in Germany.

The real estate mogul’s efforts at reviving and ‘reinventing’ tourism were especially noted in terms of putting Switzerland ski village Andermatt, located in the Swiss Alps, on the global tourism map.

Abu Tig Marina – El Gouna

Sawiris is head of Orascom Development based in Egypt; he is also credited with founding El Gouna, a luxurious Egyptian resort town located near Hurghada.

Egypt’s Sharm El Sheikh Airport Leads Africa’s Top Fastest Growing Airports
Egyptian Woman Becomes Country's First Flight Attendant with Down Syndrome

Subscribe to our newsletter


News

More in News

Egypt’s Public Prosecution Issues Call for Video Evidence of Fairmont Gang Rape Case

Egyptian StreetsFebruary 24, 2021

Egyptian Aged 40 or Older? You Can Register for COVID-19 Vaccination This Month

Egyptian StreetsFebruary 24, 2021

Egyptian Ministry Establishes ‘Equal Opportunity Unit’ to Promote Gender Equality and Counter Discrimination

Egyptian StreetsFebruary 22, 2021

Tamer Amin Show Suspended For Offensive Commentary on Upper Egyptians

Egyptian StreetsFebruary 20, 2021

Egypt’s Dar Al-Iftaa Launches ‘Birth Control is Permissible’ Hashtag to Counter Overpopulation

Egyptian StreetsFebruary 18, 2021

Biden Administration Announces $197 Million Arms Deal with Egypt

Egyptian StreetsFebruary 17, 2021

KSA Issues Shock Decision With Potential Business Impact on Egypt and the Region

Amina ZaineldineFebruary 17, 2021

Egypt’s COVID-19 Deaths Pass 10,000 Mark

Egyptian StreetsFebruary 16, 2021