Egypt Prime Minister Moustafa Madbouly held a meeting to review the plans prepared by the Arab Company for Tourism and Hotels Investments (ICON) to develop and manage seven historic hotels across Cairo, Alexandria, and Aswan, as part of the state's broader divestment to enhance private sector participation. Madbouly affirmed that the initiative is aligned with the State Ownership Policy Document, which targets maximising the value of strategic state-owned assets. He underscored the importance of operational efficiency and improving service quality to attract more visitors and enhance the properties' regional and international appeal. According to Cabinet Spokesman Mohamed El-Homsany, ICON had acquired stakes in the hotels through a deal announced in December 2023. The properties include Steigenberger Cecil Alexandria, Cataract Aswan, Mövenpick Aswan, Sofitel Winter Palace Luxor, Steigenberger El Tahrir, Marriott Mena House, and Marriott Omar Khayyam Zamalek. The meeting also reviewed ongoing restoration and modernisation efforts aimed at preserving the hotels' historical and architectural character while upgrading facilities to meet global hospitality standards. The plans involve significant investment and are expected to generate substantial returns for both the state and private investors. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
