Egypt-based Travco Group International has sold 50 per cent of its stakes in Air Arabia Egypt, a senior official has announced.

Hamed El Chiaty, chairman of the group, said: “We leave the airline industry as we prefer to focus on our core competencies in the hospitality, real estate and tourism industry at the time being. The company is focusing on the Egyptian market by injecting sizeable investments to upgrade its Egyptian hotel facilities in addition to property development."

"The company is also expanding its marketing network in Europe, our major source markets, to promote our Egyptian destinations and increase the tourism influx with the aim of giving back to the Egyptian Economy,” he added. - TradeArabia News Service