TUI Enters Russian Travel Market

Europe's largest travel services company, Germany's TUI, said Monday it would enter the growing Russian market. "We believe in the potential of this market," said TUI Chairman Michael Frenzel. On Saturday, the company entered into a joint venture with Moscow-based tour operator Mostravel. "Our intent is to create a business area in the east," Frenzel said. Only last year, TUI put its long-existing plans to enter the Russian market on the backburner because the tourism market there is still dominated by a vast number of small tour operators.