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Alabbar of Emaar eyes acquiring Cairo hotel

Alabbar of Emaar eyes acquiring Cairo hotel

Cairo: The Emirati businessman Mohamed Alabbar, who is the chairman of Emaar Group, intends to acquire a Cairo hotel as part of his expansion plan in the Egyptian market.

Alabbar has told Egypt’s minister of tourism Rania Al Mashaat that he wants to buy a hotel in Cairo, and she asked hotel establishments division to provide her with information to be presented to the Emirati investor, according to sources.

Meanwhile, Mervat Hattaba, the chairperson of Holding Company for Tourism and Hotels (HOTAC), said that 3 companies are qualified for acquiring a majority stake of 51% in the historical Shepheard hotel.

Hattaba told Al Mal newspaper that the requirements of involving an investor in the ownership of Shpheard hotel are being reviewed in preparation for being translated in to English to be sent to qualified companies.

She pointed out that HOTAC established certain criteria to make a trade-off between qualified companies.

Among those criteria is providing the highest grant to be received by Egyptian General Company for Tourism & Hotels (EGOTH), a subsidiary of HOTAC, upon signing a partnership agreement. 

Source: Almal News

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