Orascom Development Holding (ODH) recently announced the intent to acquire stakes in two German tour operators – Raiffeisen Touristik Group GmbH (RT) and FTI Touristik GmbH (FTI).
Eng Samih Sawiris, Chairman of ODH will acquire a 75% stake in RT, 2000 employees and an annual turnover of more than six billion Euros. He will also acquire a 30% in FTI, over 3500 employees and a turnover of 2.6 billion Euros.
The acquisition will target a new market to promote Jebel Sifah and Salalah Beach Resort to tourists in over 7000 travel bureaus in Germany as well as utilise cooperation agreements around the world to increase tourism to the Sultanate.
Sawiris said that the acquisitions will provide a strong impetus for growth for the three organisations, Orascom, Raiffeisen Touristik and FTI Touristik.
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