Investors are lining up to snag shares in state-owned hotels: Several unnamed international investors and investment funds have submitted offers to acquire shares in hotels owned by state-owned Egyptian General Company for Tourism and Hotels (EGOTH), cabinet spokesman Nader Saad said in a statement. The government is currently evaluating the hotels ahead of moving forward with the stake sales, he added.

REMEMBER- The Public Enterprise Ministry earlier this year said that it will merge seven or eight hotels owned by EGOTH parent company the Holding Company for Tourism and Hotels (HOTAC) into a single entity ahead of a planned listing on the EGX. The plan is part of the government strategy to privatize state-owned assets and boost the private sector's role in the economy.

Other things we’re keeping an eye on this morning:

  • President Abdel Fattah El Sisi has ratified the legal framework for the Saudi Public Investment Fund’s planned USD 10 bn worth ofinvestments in Egypt as part of efforts to shore up our external position. (Official Gazette)
  • The Madbouly government wants to localize our water pump industry in partnership with Egyptian-German pumps producer Ruhrpumpen Egypt. (Statement)
  • German pharma player Bayer wants to invest EGP 240 mn here over the next three years by reintroducing five products to the market. (Al Borsa | Statement)
  • National Investment Bank subsidiary NI Capital will open the door for subscriptions to its EGP 25 mn equity fund before the end of the month. (Al Borsa)
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