Thomas Cook expands in Middle East and India
Thomas Cook Group is taking a majority stake in businesses run under its name in India, Egypt and 15 Middle East countries.
The company is paying up to 249 million euros to Dubai Financial Group for the businesses.
Thomas Cook India is the second largest travel company in the country with 2,500 staff with a retail network of 180 outlets across 40 cities. It claims to be the biggest foreign exchange business in India.
The branded business in Egypt gives “strong prospects†to grow in the region, particularly through using the Egyptian business’s inbound travel capabilities and strengthening its outbound travel operations.
The termination of the brand licensing agreement in the 15 countries across the Middle East allows Thomas Cook to regain control of the ‘Thomas Cook’ name it originally licensed to the Dubai company.
Thomas Cook’s travel and financial services activities in Egypt date back to 1869. Today, the branch network includes 22 Egyptian branches. The main business segments are corporate, inbound and outbound travel as well as financial services.
Group chief executive Manny Fontenla-Novoa said: “The acquisition of TCIL allows Thomas Cook to capitalise on the anticipated strong growth and development of the Indian economy, which we expect to be mirrored by even stronger growth in travel.
“I have every confidence that by bringing the TCIL business under our ownership there will be significant opportunities for the business to outperform the market in both the travel and foreign exchange sectors.â€
He added: “I am delighted we have secured such a significant acquisition in this fast growing market.
“Thomas Cook has a long and enviable history in India dating back to the 1880’s and the brand name has become one of the country’s best known.
“Adding what is one of India’s largest travel and financial services businesses to our portfolio will allow us to take full advantage of the growth prospects that this market offers and fully supports our strategy of entering the fast developing emerging markets and expanding our financial services businesses.â€
by Phil Davies
Phil Davies
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Skyscanner reveals major travel trends 2026 at ITB Asia
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
In Italy, the Meloni government congratulates itself for its tourism achievements