The Qatar Investment Authority negotiates over the purchase of a 30% stake of the Holding Company for Tourism and Hotels, sources told Daily News Egypt on Saturday. The company includes 7 hotels: Cairo Marriott, Aswan Cataract, Haram Mena House, Luxor Winter Palace, Alexandria Cecil, Movenpick Aswan, and Elephantine Aswan. The hotels company owned by the Ministry of Public Enterprises, which was included in a holding company between the Sovereign Fund of Egypt and the Ministry, comes within the government offering program that includes 32 companies, which was revealed by the Cabinet at the end of last February. The Qatar Investment Authority is conducting advanced negotiations with the Sovereign Fund of Egypt about several potential deals in the Egyptian market, and Qatar deposited one billion dollars in the Central Bank last year under the balance of deals expected to be implemented. Egypt seeks to enhance direct foreign investment flows during the current period in which the country faces a currency shortage crisis, and seeks to return to the path of the International Monetary Fund program.

Source: Daily News Egypt June 19, 2023 19:37 UTC