Abu Dhabi investment company, ADQ, and its subsidiary ADNEC Group, announced on 12 January the acquisition of 40.5 percent of ICON, the hospitality arm of Egypt-based Talaat Mostafa Group through a capital increase. The signing agreement marks ADQ’s acquisition of stakes in ICON’s pre-existing portfolio of luxury hotels and resorts, including seven famous historic hotels – Cairo Marriott Hotel, Marriott Mena House, Steigenberger Hotel Al-Tahrir, Steigenberger Cecil Alexandria, Sofitel Legend Old Cataract Aswan, Mövenpick Aswan, and Sofitel Winter Palace Luxor. This development aligns with Egypt’s Prime Minister Mostafa Madbouly’s previous statement in December, announcing that the country’s sovereign wealth fund had signed a USD 800 million (EGP 24.6 billion) deal to sell a 39 percent stake in the seven hotels to ICON, with the option to raise the stake to 51 percent. As part of the deal, an international investor would buy a minority USD 882.5 million (EGP 27.2 billion) stake in ICON. The Abu Dhabi group will also acquire stakes in the Four Seasons properties in Cairo, Sharm El-Sheikh and Alexandria, in addition to the Kempinski Nile Hotel in Cairo. “The transaction represents a major foreign direct investment in…
7 of Egypt’s Historic Hotels Now Part-Owned by Emirati Wealth Fund ADQ
January 14, 2024
