Studying the acquisition of a stake of up to 30% in hotels
The Qatar Investment Authority, the country’s sovereign wealth fund, is in talks with Egypt about possibly investing in seven historic hotels there, in a deal that could mark a milestone between the two countries that restored diplomatic relations in 2021 after a long-running dispute.
Two informed sources, speaking on condition of anonymity, said the Qatar Investment Authority was in talks with Egypt’s sovereign wealth fund about the deal.
The two sources added that the fund is considering acquiring a stake of up to 30% in hotels, without naming it.
The Qatar Investment Authority, which has $445 billion in assets, declined to comment. Egypt’s sovereign fund did not immediately respond to a request for comment.
Egyptian President Abdel Fattah El-Sisi met the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, in Baghdad in August 2021 for the first time since the dispute ended. Relations have improved since then.
Egypt, the most populous Arab country, is facing an economic crisis and its currency has fallen by nearly half since Russia’s invasion of Ukraine last year, prompting foreign investors to withdraw more than $20 billion from Egyptian treasury markets.
The Qatari Minister of Finance said last month that his country is committed to pumping investments worth five billion dollars into the Egyptian economy, in implementation of a promise it made last year.
2023-06-14 10:27:59
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