According to a report by Reuters on Wednesday, the Sovereign Wealth Fund of Egypt is engaging in discussions with the Qatar Investment Authority regarding potential investments in seven renowned historic hotels.
This development highlights the ongoing efforts to foster investment partnerships and promote the preservation and development of Egypt’s cultural heritage.
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.
According to Reuters the Fund is considering acquiring a 30 percent stake in the hotels. The hotels will be valued as businesses with historic premium, since some of these hotels date back to the 1800s.
The Egyptian government has previously said it could sell stakes in hotels such as the Old Cataract.
The Old Cataract overlooks the Nile in Aswan, a hotel which is believed to have inspired Dame Agatha Christie’s novel, Death on the Nile.
