{"id":595367,"date":"2019-09-24T04:40:59","date_gmt":"2019-09-24T04:40:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/thousands-of-thomas-cook-reservations-in-egypt-canceled-as-company-goes-bust\/"},"modified":"2019-09-24T04:40:59","modified_gmt":"2019-09-24T04:40:59","slug":"thousands-of-thomas-cook-reservations-in-egypt-canceled-as-company-goes-bust","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/thousands-of-thomas-cook-reservations-in-egypt-canceled-as-company-goes-bust\/","title":{"rendered":"Thousands of Thomas Cook reservations in Egypt canceled as company goes bust"},"content":{"rendered":"

<\/a> Thousands of Thomas Cook reservations in Egypt canceled as company goes bust:<\/b> Egypt could lose thousands of tourists after British travel group Thomas Cook yesterday went into liquidation<\/a>. Local operator Blue Sky Group was expecting 100k tourists to visit Egypt via Thomas Cook in 2020 and has canceled 25k reservations booked up to April 2020, Chairman Hossam El Shaer said in a statement sent to Reuters<\/a>.<\/p>\n

\u201cEvacuations\u201d from Egypt: <\/b>The collapse of the world\u2019s oldest travel firm has prompted a huge operation by governments and insurance companies to bring some 600k travelers stranded around the world back home, including 1.6k in Hurghada. Private carrier Nile Air has begun operating twice-weekly flights from Marsa Alam to the UK to transport stranded British tourists back home, Managing Director Yousry Abdel Wahab told Al Mal<\/a>. The British government will reportedly cover the costs of the flights, according to Abdel Wahab.<\/p>\n

The potential loss of thousands of visitors is a bit more than a rounding error for Egypt\u2019s tourist industry<\/b>, which has only recently been recovering from setbacks earlier this decade. Egypt was one of Thomas Cook\u2019s most rapidly growing markets, with bookings up by 30-40% in 2019<\/a> as tourists flocked to Hurghada and Marsa Alam. Tourism Ministry sources speaking to the local press<\/a> expect the effect to only last a month or two \u2014 with the winter season bearing the brunt of the impact \u2014 before bookings return to their normal levels before the tour operator\u2019s bankruptcy.<\/p>\n

The impact on Orascom\u2019s El Gouna projects is \u201cimmaterial\u201d:<\/b> Orascom Development Egypt (ODE) said it is insulated from the impact of the liquidation despite having an EGP 200 mn<\/a> agreement with Thomas Cook to open two new hotels in El Gouna. The impact on Orascom\u2019s operations of the bankruptcy is expected to be \u201cimmaterial\u201d in the short term, Orascom Development Holding said in a statement yesterday<\/a>. The agreement to develop Casa Cook Hotel and rebrand Arena Inn into Cook\u2019s Club Hotel was announced in December 2018, with Cook\u2019s Club originally scheduled<\/a> to open its doors in August and Casa Cook in October. \u201cFortunately, we are in the situation to confirm that we already collected the upfront payments from the company for these hotels and that we are finalizing the construction of the new 100 room hotel planned to be operational in October,\u201d the statement reads.<\/p>\n

Background:<\/b> The collapse of the industry giant came early yesterday after it failed to reach an agreement with its creditors. The company \u2014 involved in tourism in Egypt since the late 1800s \u2014 had struggled in recent years under a USD 1.7 bn debt pile<\/a>. We reported in April<\/a> that it was seeking investors after seeing its share price plummet around 80% in the previous year. Its mounting interest bill prevented it from keeping up with online competition, and events including Britain\u2019s ban on flights<\/a> to Sharm El Sheikh in 2015, a coup attempt in Turkey in 2016, and Europe\u2019s 2018 heat wave all impacted its profit margin.<\/p>\n

On the bright side: Our tourism sector was ranked first among African peers<\/b> for the first time since 2013 by Bloom Consulting in its Country Brand Ranking report (pdf)<\/a> released yesterday. \u201cEgypt is a role model for other countries in all continents due to its ability to show resilience and reinventing itself, despite a period of political unrest and being a target of terrorist attacks,\u201d the company said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thousands of Thomas Cook reservations in Egypt canceled as company goes bust: Egypt could lose thousands of tourists after British travel group Thomas Cook yesterday went into liquidation. Local operator Blue Sky Group was expecting 100k tourists to visit Egypt via Thomas Cook in 2020 and has canceled 25k reservations booked up to April 2020, […]<\/p>\n","protected":false},"author":1,"featured_media":595368,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,256,2380,9378,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-orascom-development-egypt","tag-speed-round","tag-thomas-cook","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"b7a24f95-13f2-42b5-88bd-11facb02cc2c","is_powered_by":true,"section_story_id":"6b666112-20d5-4e4a-ae9e-084602ce5c56","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/9\/2491.jpg","photo_position":"above","related_issue":[595357],"teaser":"","voice_url":""},"yoast_head":"\nThousands of Thomas Cook reservations in Egypt canceled as company goes bust - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/thousands-of-thomas-cook-reservations-in-egypt-canceled-as-company-goes-bust\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thousands of Thomas Cook reservations in Egypt canceled as company goes bust\" \/>\n<meta property=\"og:description\" content=\"Thousands of Thomas Cook reservations in Egypt canceled as company goes bust: Egypt could lose thousands of tourists after British travel group Thomas Cook yesterday went into liquidation. 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The company had scheduled five winter flights per week, but scrapped them as a result \u201cof the continued\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626639,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/thomas-cook-targets-500k-tourists-to-egypt-in-2018\/","url_meta":{"origin":595367,"position":2},"title":"Thomas Cook targets 500k tourists to Egypt in 2018","author":"enterpriseam admin","date":"8 July 2018","format":false,"excerpt":"Thomas Cook is planning to bring in 500k tourists to Egypt this year from various countries, said Moudy El Shaer, chairman of Blue Sky Travel, which markets travel packages for Thomas Cook. The company reported a 50% y-o-y jump in the number of inbound tourists during 1H2018, according to El\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594222,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/23\/uk-lifts-flight-ban-to-sharm-el-sheikh\/","url_meta":{"origin":595367,"position":3},"title":"UK lifts flight ban to Sharm El Sheikh","author":"enterpriseam admin","date":"23 October 2019","format":false,"excerpt":"The UK finally lifts four-year flight ban on Sharm El-Sheikh: The British government informed airlines in a statement yesterday that it \u201cno longer advises against flying to Egypt\u2019s Sharm El Sheikh Airport.\u201d The announcement puts an end to the UK\u2019s four-year ban on flights, which was introduced after the downing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/British-Airways-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624546,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/12\/thomas-cook-says-bookings-not-hit-by-death-of-couple-in-hurghada\/","url_meta":{"origin":595367,"position":4},"title":"Thomas Cook says bookings not hit by death of couple in Hurghada","author":"enterpriseam admin","date":"12 September 2018","format":false,"excerpt":"TOURISM WATCH- Thomas Cook says bookings not hit by death of couple in Hurghada, on track for 30-35% increase in its Egypt volume this year: Thomas Cook expects its Egypt bookings to grow 30-35% this year compared to last, the British company\u2019s Egyptian agent, Moody El Shaer, told Reuters\u2019 Arabic\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593158,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/19\/thomas-cooks-debt-to-egypt-hit-eur-14-mn\/","url_meta":{"origin":595367,"position":5},"title":"Thomas Cook\u2019s debt to Egypt hit EUR 14 mn","author":"enterpriseam admin","date":"19 November 2019","format":false,"excerpt":"Liquidated British tour operator Thomas Cook\u2019s debt to Egypt is at EUR 14 mn, half of which are owed to its local operator, Blue Sky travel group, Blue Sky Chairman Hossam El Shaer said at a presser, according to Al Mal. Thomas Cook should be able to repay its debt\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=595367"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595367\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595368"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595367"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595367"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}