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Article: TMG to shift focus to hotels and tourism sector.
- Article from:
- Daily News Egypt (Egypt)
- Article date:
- June 5, 2009
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CAIRO: Talaat Moustafa Group (TMG) Holding is changing a 20-year strategy centered on the construction sector to focus more on the hotels and tourism sector, its executives said this week.
In an event organized and hosted by the Egyptian Investment Management Association (EIMA), TMG executives explained that this shift in strategy aims to get its hotels and tourism investment sector to contribute 35 percent of revenues. It now generates 9 percent of total revenues.
Currently, 91 percent of revenues are derived from the construction sector.
Jihad Sawaftah, vice president and CFO of TMG, explained that among the reasons for such a shift is to ...