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Egypt is planning to sell shares in seven historical hotels to Arab investors within a drive to attract capital and support its foreign currency reserves, the country’s Minister of Public Enterprises Sector was quoted on Tuesday as saying.
HishamTawfiq said nine hotels have been shortlisted for the sale and that seven of them would be chosen in the final list.
“We have drawn up plans to sell 20-30 percent of seven historical hotels in various parts of the country…the aim is to attract capital and replenish the state foreign currency reserves,” Tawfiq told the Egyptian Arabic language daily Addustoor.
The Minister said Arab investment funds would be targeted in the sale, adding that an agreement would be signed with a local consultant to arrange the sale through the Ministry and The Sovereign Fund of Egypt.
He did not name those hotels but said they are based in the capital Cairo, the Southern Aswan city and the historic Luxor city in South-central Egypt.
(Writing by Nadim Kawach; Editing by Anoop Menon)
