Hamed El-Sheity, CEO of the Travco Group, has returned to Egypt after spending many months in London.
Travco spokesperson, Yara Salib, told AlBorsa newspaper that El-Sheity’s return to Egypt will contribute significantly to the company’s aim to attract 1.3 million tourists from several European countries to Egypt in 2014. Europe is the biggest source of tourists who visit Egypt.
Travco is the biggest tourism company that operates in the Egyptian market, and has a significant effect on other companies working in related sectors such as the hospitality sector, aviation, touristic development and touristic transportation.
The company owns and operates 67 hotels, which include river hotels all around the country. Salib added that the company employs 10,000 people, besides those that work outside Egypt, and is trying to revive tourism and create more jobs.
El-Sheity travelled to London right after Mohamed Morsi became president of Egypt and judicial crackdowns on businessmen were on the rise. AlBorsa revealed last May that the council of ministers agreed to a reconciliation between the General Authority for Touristic Development and Hawala, a company that operates under the Travco umbrella, to settle a dispute over land contracts of 5 million square metres that the authority had previously repossessed.
The settlement was reached in accordance with Law no.4 of 2012 which amended the law of guarantees and incentives of investment, no.8 of 1997.
Hawala agreed to pay $25m, which is the value of the 5 million square metres of land at the North Coast of Egypt.
Translated from AlBorsa newspaper