CAIRO, June 16 (MENA) - Prime Minister Mostafa Madbouly chaired a meeting Monday to follow up on the plans of the Arab Company for Hotel and Tourism Investments (ICON) to develop and manage seven historic hotels in Egypt.

The hotels were previously offered as part of the government’s initial public offerings (IPOs) program.

The meeting was attended by Minister of Tourism and Antiquities Sherif Fathy, Minister of Public Business Sector Mohamed Shimi, Minister of Investment and Foreign Trade Hassan El-Khatib, and Talaat Mostafa Group CEO and Managing Director Hisham Talaat.

The premier said the meeting aimed to review the progress of development plans for these historically significant hotels, which hold great cultural value and strong marketing potential.

The initiative aligns with the goals of the State Ownership Policy Document, which seeks to maximize returns from tourism assets through partnerships with the private sector, contributing to the modernization and operational efficiency of these hotels, while attracting more guests and tourists, he added.

Cabinet Spokesperson Mohamed el Homsany said the meeting included a presentation by ICON on the development of seven iconic hotels located in Cairo, Alexandria, Aswan and Luxor, including Steigenberger Cecil Alexandria, Cataract Aswan, Mövenpick Aswan, Sofitel Winter Palace Luxor, Steigenberger El Tahrir, Marriott Mena House, and Marriott Omar Khayyam Zamalek.

ICON acquired a stake in these hotels through a deal announced in December 2023.

The spokesperson added that discussions touched on ongoing work to renovate and upgrade these historic hotels under a restoration plan preserving their architectural and cultural identity to boost their tourism value and appeal to a wider range of international visitors, along with enhanced regional and global marketing efforts. (MENA)

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