Monday, November 18, 2019

MTF Review


Travco to enter UAE hotel market in Fujairah
October 2006 258

BUILDING on its success in Egypt, Middle Eastern leisure group Travco has expanded its network across the region, with new offices as well as by way of sizeable tourist development and hotel investment projects.

The expansion aims to serve its partner tour operators worldwide, making best use of its experience, business relationships and reputation.
Earlier this year, Travco further branched out into Abu Dhabi and Oman, with future plans for Qatar and Jordan. The leading leisure company has initiated development projects with tourism ministries and authorities of these countries to further capitalize on the promising tourism potential of the region.
In Dubai, Travco operates through its regional office, where the team has succeeded at perfecting tailor-made packages to suit both individual and MICE market’s most exacting demands. In 2005, the company served 125,000 tourists a year out of the UAE and has recorded 25 per cent growth year on year.
Travco is set to further expand its portfolio in May 2007 with the launch of its first resort in the UAE, the Iberotel Royal Miramar Fujairah Hotel. The $44 million five-star property features a 200m private beach, with Moroccan-inspired architecture and 321 guest rooms.
Construction of the Miramar project’s second phase gets underway early in 2007, with a third and final phase likely to cost $154 million. The second hotel will feature 350 superior guestrooms and five private villas.
In July 2006, Travco joined forces with Abu Dhabi National Hotels Company (ADNH) to set up a new tourism investment company, implementing tourism development and hotel investment projects in the UAE. The alliance is estimated to significantly boost inbound tourism to the emirate.
Travco Oman is currently building upon Travco’s excellent relationship with recognized tour operators in Europe the Far East, CIS and the Middle East.
In the second quarter of 2006, Travco and the Omani Ministry of Tourism signed a memorandum of understanding to promte the destination and extend paramount efforts in differentiating the Sultanate of Oman as a leading tourism destination on the global tourism map. In co-operation with the Omani Ministry,Travco is to expand in the Gulf with four hotels, starting by one in Muscat with the expenses of $55 million. The initial capital is estimated to be $13 million, likely to increase according to the company’s aggregate investment projects, says Osama Boshra, the regional manager of Travco Dubai, adding that Travco enjoys 50 per cent of shares in the projects’ investments.







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