Germany Removes Travel Ban Restrictions on Taba, Egypt
Directly Benefiting Orascom's Taba Heights Destination
Altdorf, July 1, 2019 - Building on the enhanced structural reforms adapted by the Egyptian Ministry of Tourism and the strong recovery signals of Egypt's tourism, Orascom Development Holding (ODH) is pleased to announce that the German Ministry of Foreign Affairs has removed its travel ban restrictions from Germany to Taba International Airport. This decision will push more flights to Taba Heights, Orascom's second largest hotel destination and the largest touristic destination in the South Sinai region.
According to an official statement given by the German Ministry of Foreign Affairs (https://www.auswaertiges-amt.de/en), restrictions on all German airlines - imposed in October 2015 - to travel to Taba have been removed. The decision means that all airlines are allowed again to fly directly to Taba International Airport, echoing the now stable security conditions in the region and will hopefully encourage further countries to follow suit.
Taba Heights is a fully self-sufficient resort town, located in Taba, South of Sinai. The town offers six hotels (five 5 stars and one 4 stars) with 2,365 guest rooms and a wide range of international-standard facilities including an international marina port.
CEO Khaled Bichara said: "Very positive news for us as a group that would now position our second largest hotel destination, Taba Heights, on the right track to growth and profitability. Although Taba Heights has almost the same number of rooms as El Gouna, yet El Gouna hotel's revenues were ten times those of Taba's in FY 2018, because of the travel restrictions that were imposed by the European countries and the ongoing bans by Russia. Now with the lifting of the restrictions, the potential upside for the destination can be achievable, noting that in 2010, Taba Heights used to generate approximately USD 20 million of pure EBITDA."
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates nine destinations; four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange.
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