The Qatar Investment Authority, the sovereign wealth fund of the country, is in talks with Egypt regarding a potential investment in seven historic hotels there, in a deal that could mark a milestone between the two countries, which resumed diplomatic relations in 2021 after a long-standing dispute.
Two informed sources, who requested to remain anonymous, stated that the Qatar Investment Authority is negotiating with the Egyptian sovereign fund regarding the deal. The sources added that the fund is considering acquiring up to a 30 percent stake in the hotels.
The seven hotels include the Cairo Marriott, the Steigenberger El Tahrir in Cairo, the Marriott Mena House by the Giza Pyramids, the Sofitel Legend Old Cataract and Mövenpick in Aswan, the Sofitel Winter Palace in Luxor, and the Steigenberger Cecil in Alexandria.
The Qatar Investment Authority, which has assets worth $445 billion, declined to comment. The Egyptian sovereign fund has not yet responded to a request for comment.
