Egypt Daily News – Travco Properties, a subsidiary of Egypt’s Travco Group for Tourism, plans to build 5,000 hotel units on the North Coast over the next five years, according to Omar Abdel Ghaffar, the company’s managing board member.
Abdel Ghaffar said that the total investment for the new units will reach 50 billion Egyptian pounds, to be financed internally and through sales revenue, with the possibility of resorting to bank financing. He noted that the company intends to market these units in Gulf countries, expecting high demand, especially with the construction of Ras El Hekma Airport near the project site.
Travco currently operates around 65 hotels across Egypt’s main tourist destinations, particularly in the Red Sea, Luxor, Aswan, and the North Coast.
Abdel Ghaffar added that the company has already sold 1,000 units to Egyptians working abroad, along with a smaller number to Arab and foreign buyers.
The developer of Almaza Bay on the North Coast and Ras Soma in Hurghada, Travco Properties was established in 2014 as the real estate development arm of Travco Group, one of Egypt’s largest inbound tourism companies.
Egypt welcomed a record number of tourists in 2024, according to the World Tourism Organization and data from the Egyptian Cabinet. The number of visitors increased by 5% to 15.7 million last year, compared to around 14.9 million in 2023.
