File - Samih Sawiris Executive Chairman of the Board of Directors of Orascom Development Holding File - Samih Sawiris Executive Chairman of the Board of Directors of Orascom Development Holding

Samih Sawiris to increase his stake in int’l FTI company: German newspaper

Wed, Apr. 8, 2020
Caption: FILE – Samih Sawiris

CAIRO – 8 April 2020: Egyptian businessman Samih Sawiris is seeking to raise his stake in the international FTI Company, which is the third largest tourism company in Europe, according to the German newspaper Die Welt.

The company, of which Sawiris already holds a 33-percent stake, is number three in Europe, after TUI and DER. It is the only large tourist group managed by the owner, Dietmar Jones, 60, who grew up in Austria. Jones owns two-thirds of the company.

The Munich-based FTI Travel Group had declared a state of emergency due to travel restrictions and had recently to return 65,000 vacationers and suspend all flights temporarily. In addition, the company asked the state for assistance.

The company said in a statement that a financial package has been put in place to help it overcome the difficult stage, as the federal government, the state of Bavaria and its shareholders participate in securing the financing for a period of 12 months.

The newspaper said the 63-year-old billionaire Sawiris is already a key figure in the German tourism market, through his parent company Orascom Development Holding, based in Switzerland. Orascom Development Holding has activities in seven countries, and is building hotels, tourist resorts and marinas in Egypt, Montenegro and Oman in addition to constructing luxury hotels in Switzerland.

According to the newspaper, Sawiris now holds a good percentage in the company of 33 percent. Acquired in 2014, Sawiris also participated in the Raiffeisen Touristik Group travel agency chain.

Samih Sawiris, Chairman of the Board of Directors of Orascom Hotels and Development, called for the necessity of providing an exceptional financial support package and wages for workers in the tourism and hotels sector affected by the new coronavirus, which is currently sweeping the world, and will lead to huge losses for the tourism sector in countries of the world.
 
There are no comments on this article.

Leave a comment