{"id":700975,"date":"2026-05-11T00:00:00","date_gmt":"2026-05-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=700975"},"modified":"2026-05-11T03:05:08","modified_gmt":"2026-05-11T03:05:08","slug":"travco-targets-4q-launch-for-new-private-airline","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/11\/travco-targets-4q-launch-for-new-private-airline\/","title":{"rendered":"Travco targets 4Q launch for new private airline"},"content":{"rendered":"

Good morning, ladies and gents. <\/strong>It\u2019s a capital flow type of morning. <\/p>\n

Apis Partners<\/strong> has closed its third fund at USD 1.23 bn<\/strong>, and we have two exits worth watching: Beltone VC and Citadel out of Bosta<\/strong> at a 75% IRR, and NBE picking up 20% of Scatec's Obelisk solar project<\/strong>. Different stories, same underlying theme \u2014 assets here at home are clearing at prices the market is willing to pay.<\/p>\n

Also on deck:<\/strong> Travco close to launching a new private airline, and our Coffee With BCG X\u2019s Adham Abouzied on why most AI projects don\u2019t pay off.FIRST, A SMALL CLARIFICATION-<\/strong> The new stamp tax is replacing the long-delayed capital gains tax on EGX-listed securities transactions \u2014 not capital gains tax across the board, as it may have sounded in our coverage of the news in yesterday\u2019s issue<\/a>. Capital gains made outside EGX trading remain subject to the relevant tax treatment.<\/p>\n

***<\/strong><\/p>\n

Got a few minutes to spare? We\u2019d love to hear from you.<\/strong> Morning Drive has been up and running for about seven months, and we think it\u2019s time for a quick check-in. We\u2019ve put together a few questions that will help guide us as we grow to become a vital part of your morning routine. So, whether you\u2019re a longtime listener, you\u2019ve only just heard us, or you\u2019re somewhere in between, please spare a few minutes to fill out this survey<\/a>. AND \u2014 here\u2019s today\u2019s episode<\/a>.***<\/strong><\/p>\n

Cleared for takeoff<\/p>\n

<\/a> Keep an eye on the sky for a new private airline before the end <\/strong>of this year.<\/strong> Tourism giant Travco Group expects to wrap up the necessary licensing by August, Chairman Hamed El Chiaty tells EnterpriseAM. The company plans to kick off the USD 150 mn venture in October or November with a fleet of three Airbus aircraft, with a target of scaling up to four planes in the first year of operations, Civil Aviation Minister Sameh El Hefny said at a press conference<\/a> recently.<\/p>\n

The target market:<\/strong> The airline will focus on running charter flights to funnel inbound traffic from Europe and other global markets, the Arabic press<\/a> reports. The Airbus fleet, which will feature a capacity of 180-220 seats per plane, is set to operate directly out of Egypt\u2019s primary tourism hubs \u2014 Sharm El Sheikh, Marsa Alam, and Matrouh.<\/p>\n

But there's some turbulence: <\/strong>Despite recent historic highs<\/a>, the company may defer its launch by six months to a full year due to regional instability. \u201cIf the issue of the war and oil is not resolved, there is a very high probability that we will postpone the company\u2019s opening until operating conditions are better,\u201d El Chiaty warns. \u201cThe tourist will not be willing to pay an extra USD or EUR 180 due to the high cost of ins. and fuel.\u201d<\/p>\n

BACKGROUND-<\/strong> The plans confirm news teased by Hefny last month<\/a> of a new local airline. Travco\u2019s launch lines up with a broader state push to crowd private capital into the local aviation sector, following recent regulatory amendments<\/a> designed to slash red tape, digitize services, and streamline the licensing process for new private airlines.<\/p>\n

\n

Endowed with potential investments<\/p>\n

<\/a> The<\/strong> government plans to offer 20 new public-private <\/strong>partnership<\/strong> investment prospects from the Endowments Authority\u2019s property portfolio in 2H 2026<\/strong>, a government official tells EnterpriseAM. \u201cThe new investment [prospects] will include land for real estate investment, partnerships with real estate developers, residential units, and buildings that will be offered for conversion into hotel units or private hotels,\u201d especially within the Historic Cairo masterplan, we\u2019re told.<\/p>\n

The authority manages the largest real estate portfolio in the country \u2014 valued at 137 EGP bn \u2014 but deploying that capital is a logistical headache. <\/strong>A significant chunk of these properties is still locked in the \u201cold rent\u201d system, our source tells us. Also, the government is still bogged down in clearing ongoing land encroachments and resolving judicial disputes over certain endowments.<\/p>\n

\n

CBE revises down our growth forecast<\/p>\n

The<\/strong>Central Bank<\/strong> of Egypt<\/strong> now sees the economy growing at a 4.9% clip this <\/strong>fiscal year<\/strong>, down from its pre-war prediction of 5.1%<\/a>, it said in its Monetary Policy Report (pdf)<\/a> for 1Q 2026. As for next fiscal year, the bank now expects real GDP growth to come in at 4.8%, down from February\u2019s forecast of 5.5%. <\/p>\n

It\u2019s a war-triggered downgrade: <\/strong>The CBE said the growth downgrade \u201creflects the repercussions of the conflict between Iran and the US on economic activity,\u201d pointing to the war\u2019s impact on tourism and Suez Canal revenues.<\/p>\n

Inflation is on track to rise<\/strong>, the CBE says. The central bank expects annual headline inflation to average 16-17% in 2026 \u2014 the bank had previously expected inflation to reach its target of 7% (\u00b1 2%) in 4Q 2026. Next year\u2019s inflation is expected to average 12-13%. <\/p>\n

\n

Happening tomorrow<\/p>\n

<\/a> Contemporary art gallery <\/strong>Tam<\/strong>.Gallery is hosting its Artists of<\/strong> Tomorrow exhibition on Tuesday, 12 May at the Grand Egyptian Museum<\/strong>.<\/strong> The invite-only opening at the museum\u2019s Glass Court will bring together over 100 local artists, collectors, and cultural figures. EFG Holding is backing the event as art patron, alongside Ulter by Valu as financial partner.<\/p>\n

\n

PSA <\/p>\n

WEATHER- Summer is getting serious in Cairo today<\/strong>, with a high of 34\u00b0C and a low of 21\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s also warm in Alexandria<\/strong>, though a few degrees cooler, with a high of 30\u00b0C and a low of 20\u00b0C.<\/p>\n

\n

\n

<\/a> <\/p>\n

Riyadh to Mumbai. Abu Dhabi to Singapore. Dubai to London. Cairo to Shenzhen.<\/strong><\/p>\n

The most important business stories in MENA aren\u2019t happening inside MENA anymore<\/strong> \u2014 they\u2019re happening at the edges, where regional capital meets global ambition.<\/p>\n

EnterpriseAM MENA+ is our new flagship newsletter<\/strong>, built to cover the flows of capital, people, and ideas across the Middle East \u2014 and beyond it. AI, geopolitics, the war for talent, sovereign wealth strategy, the changing energy economy, and the new corridors reshaping global trade.<\/p>\n

Tap or click here to get your own copy<\/a><\/strong> delivered to your inbox every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 11am Egypt.<\/p>\n

\n

\n

\n

The big story abroad<\/p>\n

The US-Ir<\/strong>an stalemate crowds the front pages once again. <\/strong>President Donald Trump dismissed<\/a> Iran\u2019s response to Washington\u2019s latest proposal, calling the demands \u201ctotally unacceptable.\u201d Tehran reportedly floated moving a portion of its highly enriched uranium reserves to a separate nation and refused to decommission its nuclear infrastructure \u2014 this account was later denied by Iran\u2019s semi-official outlet Tasnim.<\/p>\n

Pakistan-Iran talks seem to have made some headway<\/strong>, with Qatar managing to export its<\/a>first LNG cargo<\/a> \u2014 bound for a Pakistani port \u2014 through the Strait of Hormuz since the conflict started. Islamabad reportedly expects three more vessels to ship Qatari LNG through the waterway in the coming days.<\/p>\n

The regional conflict <\/strong>is set to dominate<\/a><\/strong> the agenda during Trump\u2019s summit with Chinese <\/strong>President Xi Jinping in Beijing later this week. <\/strong>Both leaders have good reasons to resolve the Iran war, as it is taxing Trump\u2019s domestic popularity and straining Beijing\u2019s reliance on low-cost Iranian oil. Washington\u2019s worries over AI and a proposed new dialogue with China are also reportedly on the table<\/a>.<\/p>\n

Meanwhile, in the world of AI: <\/strong>Alphabet has rapidly evolved<\/a> into an AI powerhouse, significantly narrowing the valuation gap with chipmaking giant Nvidia. Analysts suggest that the strength of the Gemini model, combined with Google Search, Cloud, YouTube, and Waymo, positions the company as the primary contender to lead the next era of tech growth.<\/p>\n

In a <\/strong>retrospective piece<\/a><\/strong> on the outgoing Federal Reserve Chair<\/strong>, Bloomberg chronicles Jerome Powell\u2019s long battle to maintain the institution\u2019s independence. Powell\u2019s term saw heavy criticism from Trump, a probe from the Justice Department, and an unusual decision to stay on after his successor stepped up to assume the mantle.<\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> We explore how the \u201cuniversity degree or bust\u201d mindset is shifting in Egypt as short-term certifications and micro-credentials become the go-to way for professionals to stay relevant in a fast-moving, AI-dominated job market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, ladies and gents. It\u2019s a capital flow type of morning. Apis Partners has closed its third fund at USD 1.23 bn, and we have two exits worth watching: Beltone VC and Citadel out of Bosta at a 75% IRR, and NBE picking up 20% of Scatec's Obelisk solar project. Different stories, same underlying […]<\/p>\n","protected":false},"author":1,"featured_media":700976,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[12573],"tags":[528,72,83,238,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-700975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today-10","tag-aviation","tag-enterpriseam","tag-real-estate","tag-tourism","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"df443382-a7ae-40c7-a964-39f177e0166e","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/5\/499.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Travco targets 4Q launch for new private airline","related_issue":[700973],"teaser":""},"yoast_head":"\nTravco targets 4Q launch for new private airline - 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\/2026\/05\/11\/travco-targets-4q-launch-for-new-private-airline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Travco targets 4Q launch for new private airline\" \/>\n<meta property=\"og:description\" content=\"Good morning, ladies and gents. It\u2019s a capital flow type of morning. Apis Partners has closed its third fund at USD 1.23 bn, and we have two exits worth watching: Beltone VC and Citadel out of Bosta at a 75% IRR, and NBE picking up 20% of Scatec's Obelisk solar project. 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The company has invested EGP 2.5 bn into the hotels, 40% of which was financed by the company\u2019s capital and\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":639181,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/23\/travco-begins-development-of-four-hotels-worth-a-combined-usd-120-mn\/","url_meta":{"origin":700975,"position":1},"title":"Travco begins development of four hotels worth a combined USD 120 mn","author":"enterpriseam admin","date":"23 October 2017","format":false,"excerpt":"Tourism developer Travco has begun construction on four hotels in Marsa Alam, Marsa Matrouh, Safaga, and Hurghada worth a combined USD 120 mn, Travco chief Hamed El Chiaty said, according to Al Borsa. The company plans to complete development on the hotels in 2018, with an eye towards opening the\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":634202,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/09\/ali-okda-appointed-ceo-of-travco-travel-company-of-egypt\/","url_meta":{"origin":700975,"position":2},"title":"Ali Okda appointed CEO of Travco Travel Company of Egypt","author":"enterpriseam admin","date":"9 January 2018","format":false,"excerpt":"CORRECTION-Ali Okda was appointed CEO of Travco Travel Company of Egypt, not Travco Group as we noted yesterday. We\u2019ve corrected the entry on our website. H\/t Yara S.","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":637137,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/08\/travco-and-albatros-to-open-two-hotels-in-marsa-alam-in-2018\/","url_meta":{"origin":700975,"position":3},"title":"Travco and Albatros to open two hotels in Marsa Alam in 2018","author":"enterpriseam admin","date":"8 November 2017","format":false,"excerpt":"Travco Travel Company of Egypt and PickAlbatros Group are planning to open two hotels in Marsa Alam next year with total investments of USD 154 mn,company heads told Al Shorouk. Travco plans to open a USD 120 mn 300-room hotel, Albatros hopes to launch its 480-room hotel it invested USD\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":634147,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/08\/okda-appointed-ceo-of-travco-travel-company-of-egypt\/","url_meta":{"origin":700975,"position":4},"title":"Okda appointed CEO of Travco Travel Company of Egypt","author":"enterpriseam admin","date":"8 January 2018","format":false,"excerpt":"MOVES- Ali Okda was appointed CEO of Travco Travel Company of Egypt effective as of 10 January, Al Shorouk reports. Okda was formerly the CEO of Meeting Point Egypt and succeeds Amany Torgoman.","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":653159,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/30\/travco-investing-egp-3-bn-between-2017-18\/","url_meta":{"origin":700975,"position":5},"title":"Travco investing EGP 3 bn between 2017-18","author":"enterpriseam admin","date":"30 January 2017","format":false,"excerpt":"Travco plans to invest EGP 3 bn between 2017-18, Chairman Hamed El Chiaty told Al Borsa. 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