CAIRO - 12 July 2023: Minister of Planning and Economic Development, Hala El-Said, announced details on 3 deals worth $1.7 billion under Egypt's privatization program in a press conference on Tuesday.
The first of these deals is that seven hotels have been acquired by ICON, a Talaat Moustafa Group subsidiary. The agreement is in partnership with a foreign investor that is to obtain 37 percent of the company at a value of $700 million.
ICON made an offer to acquire and manage several hotels in Cairo, Alexandria, Luxor, and Aswan, according to a statement sent to the Egyptian Stock Exchange (EGX). The company plans to expand and modernize the newly acquired line of hotels and create value for its shareholders.
Talaat Moustafa stated that ICON will develop the seven government hotels to increase its revenue, and that the group also appointed EFG Hermes as their financial advisor on the deal.
The second deal is issuing shares of 3 companies, Ethydco, Egyptian Drilling, and Elab. Approximately, 25 to 30 percent with the value of $800 million are to be awarded to Abu Dhabi Development Holding Company.
The third deal announced was that 31 percent of Ezz El- Dekheila company’s shares is to be appointed to Ezz Steel company. They are to be given in value of $241 million, 60 percent in foreign currency and 40 percent in local currency. The offering is to be managed by the National Investment Bank.
The Planning Minister stated that these deals will encourage tourism, which is within the goal of attracting 30 million tourists annually, increase revenues in foreign currency and boosting the private sector's activities.
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