TUI, OMRAN and Travco to form a joint venture.

TUI, an integrated tourism business, OMRAN, a national tourism development company of Oman, and Travco, a privately held international travel company, agreed to form a joint venture. OMRAN and TUI will hold 45% in the joint venture each, and Travco Chairman Hamed El Chiaty will hold 10%. Financial terms were not disclosed. "With this partnership, we are taking a decisive step towards establishing Oman as a successful holiday destination. As in other regions of the world, TUI is developing vertically integrated destination clusters – something only TUI can do. Examples of this can be found in North, East, and West Africa, Central America, and the Caribbean. A cluster consists of hotels, experiences, and cruises. In Oman, too, we are working with our partners to develop a destination that stands out for its quality, sustainability, and uniqueness," Sebastian Ebel, TUI CEO.