Major tourism investment company set up in Abu Dhabi

The new company will operate tourism tours and implement tourism projects in the UAE and the Middle East. The two companies signed the agreement at the ADNH in Abu Dhabi on Tuesday.

"The two parties agree to cooperate for their best mutual interest and develop travel, tourism and hospitality related projects in Abu Dhabi and Al Ain in the current phase and to expand to other territories in the future phase", said the agreement that was signed by Khalifa Nasser Al Mansouri, Chairman of the ADNH and Hamed El Chiaty, Chairman and CEO of Travco.

Commenting on this new partnership, Sheikh Sultan bin Tahnoun Al Nahyan, Chairman of the Board of Directors of Abu Dhabi Tourism Authority (ADTA) hailed the agreement, saying that it was an integral part of the ADTA strategy.

"This agreement and partnership is consistent with the ADTA strategy to develop the tourism and hotels sector. It will also reinforce the role of the private sector in tourism development in the emirate", said Sheikh Sultan.

He underlined the need for new tourism investment companies, noting that such companies will offer new solutions to the ever expanding development rates in Abu Dhabi emirate in particular and the region in general. The tourism sector contribution to the Emirate of Abu Dhabi grows annually by 17%.

ADNH Chairman Khalifa Nasser Al Mansouri, said the establishment of the joint venture company would boost the tourism infrastructure in the UAE and the Middle East.

"It will directly boost various services related to the tourism infrastructure such as travel and tourism services, commercial airlines services and tourism transport. We will exchange expertise with our partners in Travco to achieve the regional objectives of the company", said Al Mansouri.

Hamed El Chiaty, Chairman and CEO of Travco said: "The newly set up company will play a pioneering role increasing the UAE share in the global tourism.". He expressed his confidence on the success of the company, saying that it will bring together the best expertise and talents of the two partners. The investment force of the partners, coupled with their extensive regional and international relations, will serve as an additional asset for the success of the company"

The singing ceremony of the agreement was attended by Mubarak Hamad Al Muhairi, ADTA Director and Ali Ahmed Al Muhairi, Acting Director General of ADNH in addition to a host of businessmen.