Egypt’s central bank receives $250m from ICON

Egypt’s Prime Minister Mostafa Madbouly announced that the Ministry of Public Business Sector has received the first batch of $520 million as per the acquisition deal of a number of hotels, as per a cabinet statement published on Thursday.

Notably, The Arab Company for Tourism and Hotels Investments (ICON), a subsidiary of Talaat Moustafa Group Holding, has completed that deal to acquire and fully manage a 51 per cent stake in Legacy Hotels, according to a statement made on February 11th.

Legacy Hotels, a joint venture of TSFE’s Tourism, Real Estate, and Antiquities Sub-fund and EGOTH boasts a distinctive collection of seven hotels.