Ahmad 
“FTI Group”, in which Egyptian millionaire Samih Sawiris holds a 75.1% majority stake, has declared bankruptcy. As the third-largest travel group in Europe, this announcement marks significant challenges in the tourism sector, which had been experiencing a recovery following the COVID-19 pandemic.
The bankruptcy filing was submitted to the Munich Regional Court, highlighting severe financial pressures, including supplier demands for advance payments that exceeded the company’s financial capabilities.
The company was forced to make difficult decisions regarding the cancellation or partial completion of scheduled trips starting from June 4, threatening to disrupt the summer travel season for thousands of travelers.
German authorities have announced measures to support and assist affected tourists, with the German Foreign Ministry and the Travel Insurance Fund coordinating efforts to ensure their safe return. Meanwhile, the German Ministry of Economy described the situation as catastrophic, indicating it could not provide additional assistance to the struggling company.
“FTI Group” employs approximately 11,000 people worldwide and works with over 10,000 partner agencies in Germany.
Samih Sawiris is the son of Onsi Sawiris, the founder of Orascom Group, and the middle brother of Naguib Sawiris and Nassef Sawiris. He is the chairman of Orascom Hotels and Development and owns the resorts of El Gouna and Taba Heights on the Red Sea. Forbes estimated his wealth at around $1.5 billion in 2007.
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