Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Travco Group allocates $120m for 4 hotels
Negotiations with banks to finance expansions, a contract with MCV to renew the buses fleet
Published in Daily News Egypt on 23 - 10 - 2017

Travco Group is working on founding four hotels in various tourist cities and is implementing a plan to renovate its fleet of tourist transport from local products.
According to Hamed El Chiaty, the company's chairman, $120m are allocated to create four new hotels in the cities of Marsa Alam, Safaga, Hurghada, and Marsa Matrouh, with 1,200 rooms each costing around $100,000.
The company intends to complete the construction of the four hotels by the end of 2018 to be ready to receive guests in early 2019.
He said that the company is seeking loans and bank facilities to finance projects to be completed on time and will begin negotiations with banks during the coming period.
Travco is one of the largest tourism companies in Egypt and the region. It owns 43 hotels in Egypt and the United Arab Emirates, and has the brand Steinerberger specialized in hotel management.
He continued stating that the company is renewing their tourist transportation fleet which consists of 750 buses; therefore, they sell their old buses and buy new ones.
Travco contracted with Manufacturing Commercial Vehicles (MCV), a specialist bus manufacturer to use its local fleet development products, to receive 50 buses next month, representing the first batch of new buses.
The fleet development plan will be completed within 24 months and will be financed by Travco by paying the difference between old and new units.
El Chiaty called for intensifying promotional campaigns for Egypt abroad, especially in traditional markets such as Italy, Germany, England, Ukraine, Poland, and Scandinavian countries. He believes that the current campaigns are insufficient.
The role of the private sector in promotion is to attend conferences and tourism exhibitions, visit companies, and renew the product it offers.
He added that the crisis of Russian tourism to Egypt is political, that the tourism sector cannot intervene, and that the crisis should be solved politically.


Clic here to read the story from its source.