Travco Group International sold its 50% stake in Air Arabia Egypt, according to Hamed El Chiaty, chairperson of the group.
Commenting on the decision to exit the partnership, El Chiaty said: “We are exiting the airline industry because we prefer to focus on our core competencies in the hospitality, real estate, and tourism industries for the time being.”
He added that the company is injecting sizeable investments into the Egyptian market in order to upgrade its local hotel facilities and develop its properties.
“The company is also expanding its marketing network in Europe, our major source markets, to promote our Egyptian destinations and increase the tourism influx with the aim of giving back to the Egyptian economy,” he concluded.
