Travco Group plans to establish a number of hotel and tourism projects in Egypt to take advantage of the growing tourism sector in the country, a report said.

Chairman of Travco Group International Hamed El Chiaty was quoted by Daily News Egypt as saying that the investment cost of the hotels to be established this year will be EGP750 million ($98 million) and the cost of the hotels to be built in the coming years will be EGP3 billion.

El Chiaty said the group will establish two new hotels this year in Sharm El Sheikh and Hurghada, to add over 1,100 guest rooms and suites to its capacity in Egypt with total capacity reaching 14,000 guest rooms. Nine other hotel projects are in the pipeline to be established in Sharm El Sheikh, Soma Bay in Hurghada, Sahl Hasheesh, Safaga and Marsa Alam.

The company is also about to launch Phase Two of Almaza Bay residential project on the north coast of Egypt. The entire development extends over an area of 6.5 million sq m and currently includes five up and running hotels, 400 residential units together with multiple leisure facilities. Further development plans include two new five-star hotels and nearly 2,000 residential units in future phases of the project.

Travco aims to develop new standards through building a high-quality resort villages where visitors as well as residents can enjoy the unique location on the north coast, said El Chiaty.

El Chiaty said the time is right for promoting the Egyptian’s tourism product using modern methods in order to increase Egypt’s share in the global tourism market with the aim of reaching 30 million tourists over the next few years, the report said.

He said the recently-concluded Economic Summit is a positive indicator of the Egyptian economy’s recovery, and proves a reassurance to tourists and tour organisers.

El Chiaty said the Sonata development, a project in the economic housing sector in 6th of October City, is in the late stages of development and details will be unveiled soon.