{"id":588703,"date":"2023-06-15T00:00:00","date_gmt":"2023-06-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/15\/the-qataris-are-looking-at-our-hotels-report\/"},"modified":"2023-06-15T00:00:00","modified_gmt":"2023-06-15T00:00:00","slug":"the-qataris-are-looking-at-our-hotels-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/15\/the-qataris-are-looking-at-our-hotels-report\/","title":{"rendered":"The Qataris are looking at our hotels -report"},"content":{"rendered":"

<\/span>Qatar could be looking to invest in Egypt\u2019s hospitality sector: <\/span>The Q<\/span>atar <\/span>Investment Authority (QIA) is considering acquiring a minority stake in seven hotels in Egypt, <\/span>Reuters<\/a><\/span> reports, citing two people it says have knowledge of the matter. The Qatari sovereign wealth fund is in negotiations with the Sovereign Fund of Egypt (SFE) and is looking to acquire up to 30% of the hotels, the people said.<\/span><\/p>\n

The seven hotels are: <\/span>The Cairo Marriott Hotel, Steigenberger El Tahrir in Cairo, Marriott Mena House at the Giza pyramids, Sofitel Legend Old Cataract in Aswan, M\u00f6venpick Aswan, Sofitel Winter Palace in Luxor, and Steigenberger Cecil Alexandria, according to Reuters.<\/span><\/p>\n

That sounds a lot like the new hotels holding company that\u2019s up for grabs: <\/span>The government earlier this year <\/span>bundled seven of its five-star properties<\/a><\/span> nationwide into one firm that will offer shares as part of the Madbouly government\u2019s privatization program. The full list of hotels is yet to be disclosed, though the head of the government\u2019s Holding Company for Tourism and Hotels (HOTAC) has said that the Cairo Marriott and Marriott Mena House are included. A government source told us <\/span>earlier this year<\/a><\/span> that most of the interest in the sale was coming from Gulf funds.<\/span><\/p>\n

A bigger sale than initially planned? <\/span>Public Enterprises Minister Mahmoud Esmat in February said the government would <\/span>offer a 20% stake in the new holding company<\/span> to a strategic investor followed by a 5% offering on the bourse. We expect the state to execute the transaction with the strategic via a capital increase in order to raise funds to deploy as part of a growth and turnaround plan. The company is currently joint-owned by HOTAC and the Egyptian General Company for Tourism and Hotels (EGOTH)<\/span><\/p>\n

These aren\u2019t the only assets the QIA has shown interest in: <\/span>The QIA is reportedly <\/span>close to<\/a><\/span>acquiring a 25-30%<\/a><\/span> stake in Vodafone Egypt from Telecom Egypt, and earlier this year reportedly <\/span>submitted an offer<\/a><\/span> to take majority stakes in the Damietta and Port Said container terminal operators, though talks are said to have <\/span>stalled<\/a><\/span> over the size of the stake on offer. A go<\/span>vernment source <\/span>told us last week<\/a><\/span> that agreements with the fund on Vodafone Egypt, ports, an<\/span>d oil sector firms could be announced before Agust. <\/span><\/p>\n

REMEMBER-<\/span> Qatar pledged <\/span>last year<\/a><\/span> to invest as much as USD 5 bn in Egypt under Gulf <\/span>efforts to support the economy, which is suffering a prolonged FX shortage due to the war in Ukraine and rising global rates.<\/span><\/p>\n

FROM THE RUMOR MILL-<\/span><\/p>\n

EIPICO denies receiving an acquisition offer: <\/span>The EGX-listed Egyptian International Pharma <\/span>Industries (EIPICO) has denied knowledge of <\/span>a media report<\/a><\/span> out Monday that claimed Saudi investors were interested in acquiring a 75% stake in the company, citing informed sources. In <\/span>an EGX disclosure (pdf)<\/a><\/span> filed yesterday, the state-owned pharma company said that it has not received any acquisition offers as of yet. <\/span><\/p>\n

EIPICO already has Saudi shareholders: <\/span>Saudi wealth fund PIF acquired a 4.7% stake in <\/span>EIPICO <\/span>last year and local media has previously reported that <\/span>the Saudi sovereign fund<\/a><\/span> intends to up its stake in the drugmaker.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The fund is in talks with the Sovereign Fund of Egypt to acquire up to 30% of the hotels, according to sources<\/p>\n","protected":false},"author":1,"featured_media":588704,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[7312,487,72,955,7128,427,81,370,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-egypt-qatar-relations","tag-eipico","tag-enterpriseam","tag-hospitality","tag-ma-watch","tag-pharma","tag-privatization-watch","tag-sovereign-fund-of-egypt","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"cadf8e4c-3049-4bc2-a920-69e9df8fbf1e","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/741.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Qatar wealth fund QIA in talks to acquire stake in 7 Egyptian hotels -report","related_issue":[588698],"teaser":"The fund is in talks with the Sovereign Fund of Egypt to acquire up to 30% of the hotels, according to sources","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.966b8f86-8750-4779-81f9-2dc8ec008906.mp3"},"yoast_head":"\nThe Qataris are looking at our hotels -report - 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A decision will be made on which hotels to include within 6-8 weeks, the person said, adding that\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/445.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615039,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/12\/govt-appoints-compass-capital-to-promote-its-stake-in-epp-tmgs-icon-finalizes-acquisition-of-51-in-legacy-hotels\/","url_meta":{"origin":588703,"position":2},"title":"Gov\u2019t appoints Compass Capital to promote its stake in EPP + TMG\u2019s Icon finalizes acquisition of 51% in Legacy hotels","author":"enterpriseam admin","date":"12 February 2024","format":false,"excerpt":"Compass will promote part of the government\u2019s 22% stake in EPP to investors in the Gulf and China","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/921.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546614,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/hotels-to-be-listed-on-the-egx-as-part-of-state-privatization-plans-tawfik\/","url_meta":{"origin":588703,"position":3},"title":"Hotels to be listed on the EGX as part of state privatization plans -Tawfik","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"Egypt will merge seven or eight state-owned hotels into a single entity ahead of a listing on the EGX, Public Enterprises Minister Hisham Tawfik told Bloomberg Asharq. The new entity will be offered to investors in coordination with the Sovereign Fund of Egypt (SFE) in the coming months, he said.Which\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/298.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547008,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/sfe-pushing-ahead-with-stake-sales-to-strategics-courts-gulf-investors-as-it-lines-up-new-hotels-company-for-high-profile-sale-soliman\/","url_meta":{"origin":588703,"position":4},"title":"SFE pushing ahead with stake sales to strategics, courts Gulf investors as it lines up new hotels company for high-profile sale \u2013Soliman","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"Sovereign Fund of Egypt head Ayman Soliman gets credit for being a straight shooter this morning after telling Bloomberg Asharq in an interview yesterday that stake sales are likely the order of the day for the state\u2019s privatization program in the foreseeable future. Volatility in global markets thanks to near-perfect\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/147.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582320,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/sfe-to-sell-stakes-in-2-3-state-owned-firms-in-april-says-ceo\/","url_meta":{"origin":588703,"position":5},"title":"SFE to sell stakes in 2-3 state-owned firms in April, says CEO","author":"enterpriseam admin","date":"7 March 2023","format":false,"excerpt":"Gov\u2019t will also announce \u201cwithin days\u201d who\u2019s buying the state hotels company.","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Ayman-Soliman-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=588703"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588703\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/588698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/588704"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=588703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=588703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=588703"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=588703"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=588703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}