Egypt to trade shares in state-possessed hotels once valuation process is done

Global firms are determining the worth of Egypt’s state-possessed hotels before the administration trades shares in these properties to studied financers, in line with the nation’s public enterprise sector minister.

The sale of state assets earned an additional urgency following the conflict in Ukraine driven heavy foreign investment outflows from Egyptian economic markets.

“A private company was established, with the holding companies of the tourism and hotels sector, along with the Egyptian General Company for Tourism and Hotels, having a large share in it. This move aims to transfer the government hotels to the newly established company,” Mahmoud Esmat stated in a meeting with Asharq.