Europe’s third largest tour operating group has attracted a multi-million euro investment from the Middle East.
The Abu Dhabi Development Holding Company is set to inject €100 million in Munich-based FTI Group.
The funds aim to boost tourist numbers to the emirate from key European markets including the UK, France and Germany.
The investment will also help expand FTI’s global reach and enhance its vertical integration strategy covering tour operations, destination management, own content and distribution.
FTI owns and operates 70 hotels under various brands including Labranda and Kairaba and handled six million holidaymakers in the 2018-19 financial year with sales of €4.1 billion.
It established destination management company Meeting Point Tourism in the UAE in 2010.
ADDH chief executive Mohamed Al Suwaidi said: “Our strategic partnership with FTI Group reflects our wider commitment, in alignment with the Abu Dhabi government, to support the emirate’s ambition in the tourism sector.
“The collaboration will not only create many opportunities to enhance Abu Dhabi’s sustainable tourism sector but it aligns with out mandate to further develop sectors of Abu Dhabi’s non-oil economy.
“FTI Group is already recognised as a key player in Europe’s tourism industry and with access to a passenger base of more than seven million people, I am confident that our agreement will significantly boost the number of tourists arriving from key European source markets.”
FTI chief executive Dietmar Gunz added: “ADDH is an exciting partner for GTI Group given its portfolio of hotels and presence in the exhibition, aviation, culture and media sectors, which will enable us to design a new class of exclusive holiday packages.”