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

Bridging Egyptian Artists and the World: ‘Forever is Now’ Exhibition Returns at the Pyramids

Egyptian Streets22 September 2023

Egyptian Minister of Environment to Co-Chair COP28 Negotiations on Climate Finance

Muhammed Kotb21 September 2023

Sunken Sanctuary of Aphrodite and Temple of Amun Discovered in Egypt

Shereif Barakat20 September 2023

Egypt’s New Capital Plans to Sell 10% of its Shares

Egyptian Streets19 September 2023

El Gouna Film Festival Shares Details for Sixth Edition

Heidi Aref19 September 2023

9 Egyptian Military Personnel Killed, Injured in Truck Accident

Marina Makary19 September 2023

Heliopolis Synagogue Holds Cairo’s First Jewish New Year Celebration in 70 Years

Farah Rafik16 September 2023

Egypt Provides Aid to Libya, Morocco, Amidst Ongoing Search and Rescue Efforts

Egyptian Streets15 September 2023