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Abu Dhabi wealth fund ADQ signs deal for stake in Egypt luxury hotels

Under the deal, a special purpose vehicle owned by ADQ and its unit ADNEC, with respective 49% and 51% holdings.
14.01.24 | Source: Reuters

Abu Dhabi wealth fund ADQ has agreed to acquire a 40.5% stake in ICON, the hospitality arm of Egypt's Talaat Moustafa Group (TMG) (TMGH.CA), the fund said on Friday, a deal that will see it take part ownership of a number of luxury hotels in the country.


Under the deal, a special purpose vehicle owned by ADQ and its unit ADNEC, with respective 49% and 51% holdings, will carry out a capital increase to acquire the ICON stake.

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