Arab Finance: The ADQ Holding Group and the UAE-based ADNEC Group have signed definitive agreements to strategically acquire a 40.5% stake in the Arab Company for Tourism and Hotels Investments (ICON), the hospitality arm of Talaat Moustafa Group Holding (TMG), as per a statement.

Both companies will invest in ICON via special purpose vehicle.

Accordingly, ADQ will hold 49% of the stake owned in ICON, while ADNEC’s share amounting to 51%.

In December, ICON signed the final agreements for the acquisition and full management rights of a 39% stake in Legacy Hotels.

Legacy Hotels is a joint venture between the Sovereign Fund of Egypt’s (TSFE) Tourism, Real Estate, and Antiquities Sub-fund and the Egyptian General Company for Tourism and Hotels (EGOTH), and it has a unique portfolio of seven hotels.

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