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 to Get Its Very Own Fashion Week For the First Time

Egyptian Streets26 March 2023

Egypt Defeats Malawi 2-0 in Qualifiers for Africa Cup of Nations

Farah Rafik25 March 2023

World Bank and Egypt Agree on a New $7 Billion Five-Year Plan to Support Egypt’s Development

Egyptian Streets23 March 2023

Egyptian Court Denies Adoptive Family Custody of ‘Baby Shenouda’, Citing Lack of Jurisdiction

Egyptian Streets19 March 2023

Khaled El-Balshy Elected as Head of Egypt’s Journalists Syndicate

Farah Rafik18 March 2023

Egypt’s Giza and Saqqara Among 2023 World’s Greatest Places: TIME

Egyptian Streets17 March 2023

Minister of Tourism and Antiquities: Egypt Recorded 11.7 Million Tourists in 2022

Dina Khadr16 March 2023

By 2024, Egyptians May Be Required to Speak French by Law

Dina Khadr15 March 2023