Abu Dhabi Developmental Holding invests in FTI Group
ABU DHABI Developmental Holding Company (ADDH) and one of Europe’s leading tour operators, FTI Group, formalised their intent to partner and boost visitor numbers to the Emirate and cement Abu Dhabi’s position as a global tourism destination.Under the terms of the intent agreement, collaboration will focus on increasing the number of visitors to Abu Dhabi from key European markets, including the UK, France and Germany. ADDH is set to inject 100 million euros in FTI Group which will also help expand the firm’s worldwide business outreach and enhance its vertical integration strategy across key tourism segments including: tour operation, destinations management, own content and distribution. FTI Group is currently the third largest tour operator in Europe with multiple owned and operated assets, including 70 hotels. In 2010, the firm established its flagship destination management company Meeting Point Tourism LLC in the UAE. Mohamed Al Suwaidi, CEO of ADDH, commented: “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 our 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 to Abu Dhabi,” Al Suwaidi concluded.