Since Egypt and Qatar resumed their diplomatic ties, and after Qatar’s finance minister said that the country was committed to infusing $5 billion of investments into Egypt’s economy last month, a deal is set to be a landmark between the two countries, as they bolster economic ties.
According to the latest Reuters report, Qatar’s sovereign wealth fund is negotiating with the Sovereign Wealth Fund of Egypt (TSFE) about potentially investing in seven historic hotels.
The Qatar Investment Authority (QIA) plans to purchase up to a 30% stake in state-owned hotels such as the Marriott Mena House at the Giza Pyramids, the Steigenberger El Tahrir in Cairo, the Steigenberger Cecil Alexandria, the Sofitel Legend Old Cataract in Aswan, the Mövenpick Aswan and the Sofitel Winter Palace in Luxor.
According to the report, Qatar is interested in buying stakes for their value as real estate assets and historical significance.
Following years of frayed relationships, in February, during expanded talks between Egyptian Prime Minister Mostafa Madbouly and Qatari Prime Minister Sheikh Khalid bin Khalifa bin Abdul Aziz Al-Thani, the two countries signed a governmental agreement to avoid double taxation and prevent tax evasion.
Qatari Prime Minister Al Thani also welcomed proposed areas of cooperation with Egypt in pharmaceutical manufacturing, free zones, hotels, and various construction and real estate activities.
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