Cairo – Mubasher: Egypt’s labour ministry is reportedly in talks with a UAE-based company over the latter's potential 50% acquisition of the Shepheard Hotel in Cairo.
Under the deal, a joint venture (JV) will be created by the unnamed UAE firm and the Shepheard’s owner, the Egyptian General Company for Tourism & Hotels (Egoth), according to Almal newspaper.
Egoth and the Emirati partner will each own a 50% stake in the new JV.
A government committee will be formed to evaluate Shepheard Hotel’s assets before being offered to the UAE investor, the newspaper added.
The estimated value of the deal was not revealed.
