Mr. El Chiaty Buys Stake in TUI

Hamed El Chiaty, Chairman of Travco Group and prominent travel tycoon, has bought a 3.4 percent stake in TUI Group amid the worldwide grounding of the 737 Max aircraft and the coronavirus pandemic. 

The partnership between  Travco Group and TUI is deep-rooted. Moreover,  El Chiaty has previously held small stakes in the latter tour company.

The recent purchase by El Chiaty could save TUI from taking severe measures to deal with the crisis. At the beginning of March, TUI had explained their plan to undergo budget cuts and hiring freezes. 

A TUI spokesperson declared that they've received a voting rights notification from Hamed El Chiaty on a 3.4 percent acquisition of TUI AG's shares to be held by DH Deutsche Holding Limited.

Mr. El Chiaty has expressed his immense belief in TUI's management team and their ability to "absorb the temporary burdens." He added that TUI's shift from mere tour operation to ownership of hotels and cruise ships will allow them to overcome obstacles.

“The initiated transformation of TUI into a digital company and the substantial investments in digitalization and digital platforms are convincing. This further transformation has significant potential to expand their leading international position,” El Chiaty expressed.