Egyptian business magnate Samih Sawiris has acquired the German Subsidiary of fallen travel firm Thomas Cook through his Raiffeisen Touristik (RT) Group according to a statement released by Orascom Development.
The deal will see hundreds of German tour operators redirected through RT, which already supervises Thomas Cook Netherlands, Otto Resland brand, in addition to 700 other travel agencies across the world.
Who heads Orascom Development owns hotels in Egypt, the United Arab Emirates, Oman and Switzerland through the RT Group, with plans of establishing 35 hotel projects in Montenegro and Morocco.
The British tour operator was brought under liquidation in September after reporting a loss of USD 1.9 billion and failing to secure £200m emergency funding from the UK government. The 178-year old travel colossus experienced a natural death under pressure from online disruptors with better business models.
Egyptian billionaire Samih Sawiris is well-known in the travel business as well as for his massive real estate holdings in Egypt and abroad. His developments include, El Gouna, a luxury resort town located along the coast of the Red Sea.
Already considered one of the leading tourism and travel businessmen in Germany, his acquisition is a significant effort in making things better for the events which had rendered over 21,000 people jobless.