26 March 2015

In a bid to reinforce its commitment to social responsibility, Travco Properties is introducing an economic housing project in 6th of October City.

On the sidelines of Egypt's Economic Development Conference (EEDC) held in Sharm El Sheikh, Hamed El Chiaty, Chairman of Travco Group International announced plans to establish a number of hotel and property development projects during the upcoming period in confidence that Egypt's tourism sector has bounced back.

El Chiaty added, that the economic summit has plenty in favor of the tourism sector. It has sent out positive signals of the recovery of the Egyptian economy, and has worked on improving the mental picture of Egypt, as well as provided the much needed reassurance to tourists and tour operators alike.

Egypt has many tourist characteristics that give it a competitive advantage over many Mediterranean cities, according to El Chiaty. He added that the time is right for promoting the Egyptian's tourism product using modern methods in order to increase Egypt's share in the global tourism market with the aim of reaching 30 million tourists over the next few years. El Chiaty elaborated that Egypt's weather makes it an all-year-round tourist destination. In order for the country to capitalize on that, everyone in the field must raise the quality of the tourist services offered.

El Chiaty said the group will open two new hotels in 2015 namely, Steigenberger Alcazar in Sharm El-Sheikh and Jaz AquaViva Hurghada, adding over 1,100 guest rooms and suites for its capacity in Egypt to reach nearly 14,000 guest rooms. Nine other hotel projects are in the pipeline to be introduced in the next few years in Sharm El-Sheikh, Soma Bay in Hurghada, Sahl Hasheesh, Safaga, Marsa Alam and Mersa Matruh.

He added that the investment amount of the hotels to be established in 2015 has been valued at EGP 750m, and that of the hotels to be built in the coming years at EGP 3bn.

During the investment meeting for the tourism sector held during the second day of the Economic Development Conference, El Chiaty advised everyone working in the sector around the world to invest in Egypt which has thus far showed very lucrative return on investment.

El Chiaty stated: "I am sure that with dedication and true conviction in the strength of our tourist sector, we will develop it to reach or exceed previous levels. Obviously Egypt is a country with a diverse tourism product that we need to capitalize upon."

"Travco Group will continue to focus on the Egyptian market. In order to develop the tourism sector, Egypt is dedicating a big amount of investments to improve the infrastructure in anticipating of the high demand for travelling to Egypt and each investor is to do the same within their own area," he said, "from Travco Group's side, the

company is injecting a lot of investments to upgrade the hotel facilities in addition to development of new ones. We are also expanding our reach in Europe, our major source markets, with the aim of intensifying the much needed marketing activities for the Egyptian destinations."

On the real estate development side, Travco Properties, announced plans to increase investments in the flagship project, Almaza Bay on the North Coast of Egypt. The entire project extends over an area of 6 million sq m which currently includes five up and running hotels, 400 residential units together with multiple leisure facilities. Further development plans include two new five-star hotels and nearly 2000 residential units in future phases of the project.

This in addition to new development projects on a land bank exceeding 15 million sq m in prime destinations across Egypt to be unveiled in due time. Generally Travco Properties aims to develop new standards through establishing high-quality real estate developments where visitors as well as residents can enjoy the unique locations and facilities offered.

El Chiaty also shed light on the Sonata project, which is a stepping stone for Travco Properties into the economic housing sector in a step to affirm its commitment to social responsibility. The project in 6th of October City is in the late stages of development and details are to be unveiled soon.

-Ends-

About Travco Group International:
Established in 1979, Travco Group has over the past 36 years grown to be one of the most influential groups with prime focus on travel, hospitality, real estate, retail and aviation.

Its network extends across Europe and the Middle East and employs over 18,000 professionals in 36 different companies. The group now owns and manages over 50 hotels and resorts in the Middle East, 107 in Europe and 21 floating hotels in addition to real estate developments in prime destinations in Egypt. The group is also eyeing new exotic locations for future hotel developments.

© Press Release 2015