Ayman Soliman, the head of Egypt’s sovereign wealth fund, revealed on Thursday that Egypt is working to finalize the sale of its iconic hotels by the end of the year. He said the bids had been awarded and the government was moving to close the deal with the winning investors, while Sulaiman did not disclose the identity of the buyer.
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Ayman Soliman, head of Egypt’s sovereign wealth fund, said on Thursday that Egypt would sell seven HotelsSome history, by the end of the year.
“The bids have been awarded, so we are now moving to close (the deal) with the winning investors by the end of this year,” he said in an interview during the Reuters Next conference in New York.
He added, “They will improve the status of these valuable assets in Egypt with the aim of listing them on the stock market.”
The hotels offered for sale are among the oldest Egyptian hotels and include the Cataract Hotel in Aswan, the Winter in Luxor, the Mena House in Cairo and the Cecil in Alexandria, all built in the late or early nineteenth century. Twentieth century.
Sulaiman did not disclose the name of the buyer. Qatar was reported to be in talks to buy the hotels last June, but the following month Egypt’s planning minister announced the sale of a $700 million stake in the Cairo hotel company to a consortium that includes the Talaat Moustafa Holding Group.
On the other hand, Ayman Soliman mentioned in the interview that he believes that inflation in Egypt has reached its peak and that it is better to devalue its currency to control the cost of production.
Soliman also said in the interview that there is good exploitation of assets in the hospitality and tourism sector in Egypt, which is one of the areas where the government is trying to increase private sector participation and increase revenue by selling state-owned assets.
He added, “We are working to establish these partnerships with the private sector to take leadership and transform state-owned enterprises (to a better situation).”
The Center for Public Procurement and Statistics is set to release inflation data for October on Saturday. Last September, headline inflation rose to 38 percent.
France 24/Reuters
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