Arab Finance: Egyptian tourism company Travco Group has received cancellations of 50% of total reservations for the coming two months due to the Hamas-Israel war in Gaza, the group’s Chairman Hamed El Chiaty said in an interview with Asharq Business.
El Chiaty noted that majority of cancellations were received from German, English, Belgian, and Swiss markets.
He added that the new year’s booking activity is seeing a significant slowdown.
In spite of this, El Chiaty said that the group would not cancel its plans to inaugurate four new hotels in Marsa Alam, Hurghada, Marsa Matrouh, and Cairo, with a total room capacity of around 3,000.