By Akram Medhat
Yousry Abdel Wahab, vice chairman of the holding company of Al Tayyar Group in Egypt, stressed that the group's investments in Egypt will not be affected by the measures taken by Saudi Arabia against a number of businessmen, including Dr. Nasser Al Tayyar, the group's founder and a member of its board of directors.
Abdel Wahab said in a statement to Travel Yalla News that the group's investments in Egypt include Egyptian joint-stock companies that own several real estate and tourism projects and are subject to local laws, and that Nasser Al Tayyar is one of their major shareholders.
He added that these projects consist of a real estate project in Nasr City, two tourist resorts in Ain Sokhna, "Orlando 1" and "Orlando 2," as well as a plot of land on the Nile in Cairo allocated for a hotel project, explaining that all these projects have an independent financial status managed through a board of directors and include a large number of shareholders, one of whom is Dr. Nasser Al Tayyar.
He noted that Nile Air is also an Egyptian joint-stock company in which Nasser Al Tayyar is a shareholder.
In a related context, Al Tayyar Travel Group Holding announced that it had seen what was circulated in the media regarding the detention of non-executive board member Dr. Nasser bin Aqeel Al Tayyar, who owns direct and indirect stakes in the group totaling 29.7%.
In a statement published on the website of the Saudi stock exchange, Tadawul, the company stressed that its business continues in a way that serves the interests of its shareholders and customers, as well as its full commitment to all relevant regulations and rules, noting that any material developments in this regard will be disclosed in due course, according to the CNN Arabic news website.
