Qatar Investment Authority (QIA) is reportedly considering investing in seven of Egypt’s most historic hotels, including the Sofitel Legend Old Cataract in Aswan and the Sofitel Winter Palace in Luxor.
According to Reuters, this move could be a significant deal for the two countries, which restored diplomatic relations two years ago. The QIA is said to be considering acquiring up to 30 percent stake in the hotels.
Read more: Qatar’s sovereign fund deposits $1 bn with Egypt’s Central Bank
Egypt and Qatar have been strengthening their relations recently, with high-level visits and exchanges taking place. The two countries celebrated 50 years of diplomatic relations in December 2022, with several ministers, officials, and foreign ambassadors attending the celebration in Cairo.
Egyptian President Sisi’s visit to Qatar, which came less than three months after the Emir of Qatar’s visit to Cairo, was intended to usher in a new era of economic cooperation.
Last year, Qatar pledged to invest $5 billion in the Egyptian economy, and it is now the third-largest Arab state investor in Egypt, with 160 companies that have invested nearly $2 billion in the country, according to a statement by Cabinet Spokesperson Nader Saad.
In March, Qatar said it would invest more than $4.5 billion in Egypt. Simultaneously, Qatar Energy signed an agreement with ExxonMobil under which it would acquire 40 percent of ExxonMobil’s stake in an exploration field in the Mediterranean off the Egyptian coast.
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