Qatar's sovereign wealth fund is in talks with Egypt about potentially investing in seven historic hotels there, in what could be a landmark deal between the two countries that restored diplomatic ties in 2021 after a long-running dispute.
The Qatar Investment Authority is in talks with The Sovereign Wealth Fund of Egypt about the deal, said two sources with knowledge of the matter, who declined to be named.The seven hotels are the Cairo Marriott Hotel, Steigenberger El Tahrir in Cario, Marriott Mena House at the Giza pyramids, Sofitel Legend Old Cataract in Aswan, Mövenpick Aswan, Sofitel Winter Palace in Luxor and Steigenberger Cecil Alexandria.
While it has been shifting away from such assets into sectors like technology, healthcare and public and private markets, the sources said the hotels would still fit into its portfolio and match its experience as an investor. Relations between Egypt and Qatar soured in the wake of the Arab Spring uprisings that toppled former Egyptian President Hosni Mubarak. Qatar backed the Muslim Brotherhood's subsequent rise to power, but it was later ousted by the military in 2013.
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