Cairo, Egypt – During a press conference held by the Cabinet on Tuesday, Planning Minister Hala al-Saeed announced that a consortium, which includes prominent Egyptian firm Talaat Moustafa Group Holding (TMG Holding), has successfully purchased a stake in a state-owned hotel holding company. The acquisition is a strategic step aimed at bolstering the private sector and generating much-needed foreign currency for the country.
Minister al-Saeed elaborated on the details of the consortium’s involvement, revealing that it consists of TMG Holding’s subsidiary, Arab Company for Hotels & Tourism Investment (ICON), and a foreign investor. Through a capital increase in the hotel holding company, the consortium has acquired a significant 37% stake, amounting to an impressive $700 million.
Prime Minister Mostafa Madbouly emphasized that this development is part of a comprehensive program designed to stimulate the private sector and address the scarcity of hard currency in Egypt. The acquisition represents a strategic partnership between local and international investors, showcasing the government’s commitment to attracting foreign investment and promoting economic growth.
By involving renowned entities like TMG Holding and ICON, the consortium brings valuable expertise and resources to the table, ensuring the successful implementation of their vision for the state-owned hotel holding company. This landmark deal not only bolsters the private sector but also strengthens Egypt’s tourism and hospitality industry, which plays a pivotal role in the country’s economy.
The government’s commitment to creating an attractive investment climate is evident through initiatives such as this one. By facilitating partnerships between local and foreign investors, Egypt aims to unleash the potential of its private sector, foster economic development, and secure much-needed foreign currency inflows. With the acquisition of the stake in the state-owned hotel holding company, the consortium sets a positive precedent for future collaborations that will drive growth and prosperity in Egypt.
