The Egyptian billionaire, Samih Sawiris, intends to acquire the German FTI Group, which is the third largest tourism company in Europe.
According to Arabia Net, a German newspaper Welt report said that the German Competition Protection Authority had been informed of plans to fully acquire the group.
The report indicated that Sawiris had a stake in the group six years ago and currently owns 33% of its shares.
In response to an inquiry from the newspaper, the group stated that Sawiris had not made any acquisitions (of the group) up to the present moment, adding that in the event of any change in the quotas, the group would announce it.
The tourism sector has been hit hard by the Corona pandemic, with air travel almost completely cut off around the world after extensive travel restrictions to control the pandemic.
With its profits that reached 4.2 billion euros and the number of its workers, which amounts to 12 thousand employees, the German FTI Group is the third largest tourist group in Europe after the German TOE and the German Tourist Monastery.
Egyptian billionaire Samih Sawiris is active in seven countries through the Orascom Group, which is based in Switzerland, and Sawiris creates hotels, tourist resorts and yachts ports in Egypt, Mntenegro and the Sultanate of Oman, and whole cities in some places, as well as luxury hotels in Switzerland.
