Egypt, Qatar in talks over hotel investments

The Sovereign Wealth Fund of Egypt is in talks with the Qatar Investment Authority over investment in seven historic hotels, Reuters reported on Wednesday.

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.

According to Reuters the Fund is considering acquiring a 30 percent stake in the hotels. The hotels will be valued as businesses with historic premium, since some of these hotels date back to the 1800s.

The Egyptian government has previously said it could sell stakes in hotels such as the Old Cataract.

The Old Cataract overlooks the Nile in Aswan, a hotel which is believed to have inspired Dame Agatha Christie’s novel, Death on the Nile.