Qatar's sovereign wealth fund is in talks with Egypt about potentially investing in seven historic hotels there, in what could be a landmark deal between the two countries that restored diplomatic ties in 2021 after a long-running dispute.
The Qatar Investment Authority (QIA) is in talks with The Sovereign Wealth Fund of Egypt (TSFE) about the deal, said two sources with knowledge of the matter, who declined to be named.
The fund is considering acquiring a stake of up to 30% in the hotels, the sources said.
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.
The $445 billion QIA declined to comment. Egypt's TSFE did not immediately respond to a request for comment.
The QIA's investments include trophy assets such as the Shard skyscraper and the Harrods department store in London.
While it has been shifting away from such assets into sectors like technology, healthcare and public and private markets, the sources said the hotels would still fit into its portfolio and match its experience as an investor.
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