Egypt Watch

Qatar’s Kuwari Group to acquire Ramses Hilton Hotel in Egypt

Asharq Business has reported that the Qatari Al-Kuwari International Group submitted an offer to the Arab International Company for Hotels and Tourism (AICHT) to buy the famous Ramses Hilton Hotel in Cairo for $ 320 million. Last March, Qatar agreed with the Egyptian government on investments and partnerships worth five billion dollars.

According to sources, AICHT is still negotiating with the Qatari investor. Qatari investments in Egypt in the first quarter of 2022 amounted to about $121 million, while remittances from Egyptians working in Qatar increased by 15% in 2020-2021. Qatari deposits with the Central Bank of Egypt in 2022 amounted to four billion dollars.

A report revealed an unprecedented wave of Gulf acquisitions of major companies in Egypt in 2022. According to Enterprise, mergers and acquisitions deals in Egypt more than doubled in 2022, as the number of completed sales rose to 66, up from 31 in the previous year. According to the report, Saudi Arabia and the UAE were involved in 40 deals in Egypt in 2022. Banking and financial services attracted the most deals, followed by industry and energy.

The influence of Gulf sovereign wealth funds has dramatically expanded in the Egyptian economy. In addition to depositing ten billion dollars in the Central Bank of Egypt, the Abu Dhabi Investment Authority and the Saudi Public Investment Fund pumped about $3.1 billion to acquire stakes in powerful companies listed on the Egyptian Stock Exchange.