Egypt signs MoU with Saudi investor to renovate Shepheard Hotel

Egypt has signed an MoU with an unnamed Saudi investor to renovate the Shepheard Hotel, Public Enterprises Minister Hisham Tawfik said, according to a cabinet statement. The final contract, which will be signed within a month, will see the Saudi investor finance the renovation of the historic hotel and will get a cut of revenues once it is operational again, Tawfik told Hapi Journal. The expected cost of the renovation was not disclosed.