The respective sovereign wealth funds (SWFs) of Egypt and Qatar are reportedly in talks to invest in the hotel industry.
The Qatar Investment Authority (QIA) is talking to the Sovereign Wealth Fund of Egypt (TSFE) about investing in seven of Egypt’s landmark hotels, according to Reuters.
The QIA is considering acquiring a 30% stake in the hotels, states the report.
The discussions mark a thaw in the relationship between Qatar and Egypt, given that the two were involved in a long-running trade and political dispute.
Diplomatic ties were only restored in 2021.
News of the QIA investment comes after Qatar pledged to inject US$5 billion of investments in Egypt’s challenged economy – a pledge that was made last year and renewed last month.
Since the start of the war in Ukraine, international investors have pulled more than $20 billion from Egyptian treasury bonds.
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