The Clap Minister of Public Enterprise Hisham Tawfik revealed that a company owning 7-8 state-owned hotels could list on the EGX.
The deets The company will be established through a partnership between foreign investors, and the Sovereign Fund of Egypt (SFE).
The hotels all belong to the Holding Company for Tourism and Hotels (HOTAC), which owns more than 20 hotels, most notably: the Cairo Marriott Hotel, Marriott Mena House, Luxor’s Sofitel Winter Palace, and Aswan’s Sofitel Legend Old Cataract.
The list doesn’t include the Nile Ritz-Carlton, which is owned by public company Misr Hotels (MHOT), a HOTAC subsidiary.
Why this matters Listing hotels on the EGX is part of the state’s plan to exit some sectors and provide an opportunity for the private sector to increase its investments.