QIA eyes 30% stake in seven Egyptian historic hotels
Updated 6/15/2023 7:51:00 AM
Arab Finance: Qatar Investment Authority (QIA) is in talks with The Sovereign Fund of Egypt (TSFE) to acquire up to 30% stake in seven iconic hotels, Reuters reported on June 14th, citing unnamed two sources with knowledge of the matter.
The move could be a historic agreement between the two countries after normalizing diplomatic relations in 2021.
The seven hotels are the Cairo Marriott Hotel, Steigenberger El Tahrir in Cario, Marriott Mena House at the Giza pyramids, Sofitel Legend Old Cataract in Aswan, Mövenpick Aswan, Sofitel Winter Palace in Luxor, and Steigenberger Cecil Alexandria.
CEO of TSFE Ayman Soliman told Al Arabiya on April 4th that sale of the stake offered in the holding company managing seven hotels would be carried out via a capital increase in US dollar for strategic investors.
On February 21st, Minister of Public Business Sector Mahmoud Esmat announced that international companies were conducting the fair value (FV) study for seven state-owned hotels in Egypt in preparation for offering some shares in them to strategic investors.
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