Joint venture tourism investment company set up in Abu Dhabi

ABU DHABI — The Abu Dhabi National Hotels Company (ADNH) has teamed up with the Egyptian TRAVCO company to set up a new tourism investment company. The new company will operate tours and implement tourism projects in the UAE and the Middle East. The two companies signed the agreement at the ADNH in Abu Dhabi yesterday.

By A Staff Reporter

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Published: Wed 26 Jul 2006, 10:53 AM

Last updated: Sat 4 Apr 2015, 1:09 PM

"The two parties agree to cooperate for their best mutual interest and develop travel, tourism and hospitality related projects in Abu Dhabi and Al Ain in the current phase and to expand to other territories in the future phase," said the agreement that was signed by Khalifa Nasser Al Mansouri, Chairman of the ADNH and Hamed El Chiaty, Chairman and CEO of Travco.

Shaikh Sultan bin Tahnoun Al Nahyan, Chairman of the Board of Directors of Abu Dhabi Tourism Authority (ADTA) hailed the agreement, saying that it was an integral part of the ADTA strategy.

"This agreement and partnership is consistent with the ADTA strategy to develop the tourism and hotels sector. It will also reinforce the role of the private sector in tourism development in the emirate," said Shaikh Sultan. He underlined the need for new tourism investment companies, noting that such companies will offer new solutions to the ever expanding development rates in Abu Dhabi emirate in particular and the region in general. The tourism sector's contribution to the Emirate of Abu Dhabi grows annually by 17 per cent.

For his part ADNH Chairman Khalifa Nasser Al Mansouri said the establishment of the joint venture company would boost the tourism infrastructure in the UAE and the Middle East.

"It will directly boost various services related to the tourism infrastructure such as travel and tourism services, commercial airlines services and tourism transport. We will exchange expertise with our partners in Travco to achieve the regional objectives of the company," said Al Mansouri. Hamed El Chiaty, Chairman and CEO of Travco said, "The newly set up company will play a major role increasing UAE's share in global tourism."

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