Egypt mulling re-issuing tender to sell 51% stake in Shepheard Hotel

The Public Enterprises Ministry is mulling re-issuing a tender to sell a 51% stake in the Shepheard Hotel in downtown Cairo or bringing the hotel under Egypt’s in-the-works EGP 200 bn sovereign wealth fund to finance the hotel’s development, Minister Hisham Tawfik tells Al Mal. The state-owned Egyptian General Company for Tourism and Hotels (EGOTH) had called off a tender to sell a stake in the hotel last week after neither of the two offers it received met the tender requirements. If the ministry decides to re-issue the tender, it will change the requirements, Tawfik says. The minister did not clarify when a decision will be made on the matter.