Qatar negotiates with Egypt to buy shares in 7 state-owned hotels



The Qatar Investment Fund (QIA) is reportedly in discussions with Egypt to purchase a 30% stake in seven state-owned hotels, according to regional media.

A-2

The Qatar Investment Fund (QIA) is reportedly in discussions with Egypt to purchase a 30% stake in seven state-owned hotels, according to regional media. Qatar's sovereign wealth fund manages over $300 billion in assets and is looking to sell shares from the Sovereign Fund of Egypt (TSFE). This news comes as no surprise as Qatar has long been interested in acquiring hotels in Egypt for both their real estate and historical value.

Qatar negotiates with Egypt to buy shares in 7 state-owned hotelsph: Marriott Mena House


Egypt’s Tourism, Hotel and Cinema Joint Stock Company, a state-owned enterprise, is the current owner of the large and well-known hotels, including Marriott Mena House, Cairo Marriott, Shepherd, Steigenberger Cecil, Sofitel Winter Palace, Legend Old Cataract Aswan, and Cosmopolitan hotels. The hotels, situated in some of Egypt’s most attractive locations, provide stunning views and historical qualities that have made them top tourist destinations.

Some of these hotels were built in the late 1800s and have been owned by the Egyptians for many years. The Qatar Investment Fund clearly sees this acquisition as a strategic investment opportunity that can bring substantial returns, not only in terms of financial value but also historical and cultural.

The move also comes as the Egyptian government pushes ahead with the divestiture of 250 state-owned companies, including many large and famous hotels, as part of its privatization program to address the severe shortage of foreign currency, mainly the dollar. The move is in line with the Egyptian Government's commitment in a 46-month credit program worth $3 billion with the International Monetary Fund (IMF).

A-3

This new investment also emphasizes the strong economic and trade relationship between Qatar and Egypt, which have strengthened ties in all fields, especially economic and investment. Qatar is the third-largest Arab investor in Egypt, with 160 operating companies investing nearly $2 billion in the country. Last year, Qatar's Finance Minister Ali Al-Kuwari announced the Gulf nation's commitment to investing $5 billion in the Egyptian economy in the near-term to support the country's growing infrastructure needs.

The acquisition of the seven state-owned hotels by the Qatar Investment Fund is likely to generate new jobs and increase tourism in Egypt, providing valuable support to the country’s recovering economy. It is an exciting time for the hospitality industry, and investors are positioning themselves to be part of the rapidly growing tourism sector in Egypt.

Qatar negotiates with Egypt to buy shares in 7 state-owned hotels

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone

AD4


House Prices Fall in Switzerland: Key Insights Unveiled

Discover the shifting dynamics of Switzerland real estate market as apartment prices rise and single-family homes decline. Essential insights for buyers.

Discover the shifting dynamics of Switzerland real estate market as apartment prices rise and single-family homes decline. Essential insights for buyers.

Read more

Canada Real Estate: Positive Trends Amid Rate Changes

Discover how the recent interest rate cut impacts Canada real estate market, with a 9.1% rise in transactions in early 2024.

Discover how the recent interest rate cut impacts Canada real estate market, with a 9.1% rise in transactions in early 2024.

Read more

Controlling personal finance and budgeting app

What are Top Real Estate Hotspots in Portugal for Foreign Buyer?

Discover why Lisbon, Porto, and Faro attract over 50% of non-resident loans in Portugal real estate market. Explore these thriving hotspots now!

Discover why Lisbon, Porto, and Faro attract over 50% of non-resident loans in Portugal real estate market. Explore these thriving hotspots now!

Read more

Brussels Real Estate Market Update: Prices Cool, Homes Still €100,000 Pricier

Discover how the Brussels real estate market is shifting, with a cooling trend in prices but homes still commanding high premiums. 

Discover how the Brussels real estate market is shifting, with a cooling trend in prices but homes still commanding high premiums. 

Read more

Buy Land & Vacant Lots on Easy Monthly Payment Plans

New Zealand Real Estate Market Cools Further in June: A Comprehensive Analysis

Explore the latest trends as housing prices and sales decline across New Zealand. Get a comprehensive analysis of the cooling New Zealand real estate market.

Explore the latest trends as housing prices and sales decline across New Zealand. Get a comprehensive analysis of the cooling New Zealand real estate market.

Read more

Luxury Living: A New Investment Niche in UK Real Estate

Discover the resurgence of holiday let investments in the UK real estate market, presenting asset managers with lucrative opportunities in luxury living.

Discover the resurgence of holiday let investments in the UK real estate market, presenting asset managers with lucrative opportunities in luxury living.

Read more

Buy Land & Vacant Lots on Easy Monthly Payment Plans

Investment Property with Pool in Portugal: 61% Higher Costs

Explore why investment property with pool in Portugal are 61% more expensive. Understand the market dynamics and benefits of pool ownership.

Explore why investment property with pool in Portugal are 61% more expensive. Understand the market dynamics and benefits of pool ownership.

Read more

Why Foreign Investors Are Retreating from US Real Estate?

Explore the factors driving the decline in foreign investment in U.S. real estate and insights from experts on the shifting housing landscape.

Explore the factors driving the decline in foreign investment in U.S. real estate and insights from experts on the shifting housing landscape.

Read more

Cyprus and Greece real estate market: Rental Yields Soar to New Heights

Explore the surge in rental yields in Cyprus and Greece, fueled by increasing overseas interest. Uncover the investment opportunities now!

Explore the surge in rental yields in Cyprus and Greece, fueled by increasing overseas interest. Uncover the investment opportunities now!

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.