Hamed El Chiaty, chairman of Travco Group International, plans to invest close to half a billion dollars in hotels and development projects in Egypt, expressing confidence in the country’s tourism industry.
The group will open two new hotels this year, Steigenberger Alcazar in Sharm El Sheikh and Jaz AquaViva Hurghada, adding more than 1,100 guest rooms and suites 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 the land of the Nile: Sharm El Sheikh, Soma Bay in Hurghada, Sahl Hasheesh, Safaga, Marsa Alam and Mersa Matruh.The investment for hotels opening this year alone is EGP 750 million ($98.3 million), and that of the hotels to be built in the coming years at EGP 3 billion ($393 million).El Chiaty states: '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 capitalise 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 sqm, 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 2,000 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 adds 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. Steigenberger Alcazar will be represented at stand number HC6667, while Egypt Tourist Authority will be present at stand number NA8250.