Skip to content Skip to Search
Skip navigation

ADQ and Adnec acquire stake in Egypt luxury hotels

Egypt expects to receive more than 30 million tourists annually by 2028é Ignacio Pompé
Egypt expects to receive more than 30 million tourists annually by 2028

Abu Dhabi’s ADQ and Adnec Group have signed agreements to acquire a 40.5 percent stake in Egypt-based Talaat Moustafa Group Holding’s hospitality subsidiary.

The two UAE companies will invest through a special purpose vehicle through a capital increase to acquire a stake in Icon Group, the UAE state-run Wam news agency reported.

ADQ will own 49 percent while Adnec will hold 51 percent equity ownerships.
Icon owns four hotels – Four Seasons Cairo at Nile Plaza, Kempinski Nile Hotel Cairo, Four Seasons Sharm El Sheikh and Four Seasons Alexandria at San Stefano.

It has three hotels and luxury residential real estate assets currently under development, such as the Four Seasons in Madinaty and Luxor and Radisson Collection in Marsa Alam, and one hotel under design, the Four Seasons at The Pyramids.

The transaction represents a major foreign direct investment in Egypt, as the North African nation expects to receive more than 30 million tourists annually by 2028.

The investment in TMG’s hospitality arm will be used partially to deleverage the existing debt of Icon, with the remaining used for acquiring a stake through Icon in the portfolio of seven luxury heritage hotels owned by the Egyptian Government, for which definitive agreements have been signed.

The seven hospitality assets include Marriott Cairo Omar Khayyam Zamalek, Marriott MENA House Cairo, Sofitel Winter Palace Luxor, Sofitel Legend Old Cataract Aswan, Steigenberger Cecil Hotel Alexandria, Steigenberger Hotel El Tahrir Cairo and Mövenpick Resort Aswan.

Post-transaction, Icon will have a combined portfolio of 15 luxury and upscale hospitality assets with around 5,000 keys in prime locations such as Cairo, Luxor, Aswan, Sharm El Sheikh and Alexandria.

The transaction is subject to regulatory approvals.

Latest articles

The WakeCap system being used on a construction site

Aramco adopts heat-sensing construction helmets

Saudi Aramco is deploying advanced safety helmets equipped with heat stress sensors to protect workers on some of its construction sites, a critical concern in the Gulf region’s scorching climate. The helmets, developed by Dubai and Saudi Arabia-based construction tech startup WakeCap, utilise internet-of-things (IoT) technology that monitors worker attendance, location, and safety incidents in […]

Wind turbines above the village of Kotronas in the Peloponnese region. Greece's Terna Energy invests in wind, solar, hydroelectric and pumped storage projects

Masdar buys Greece’s biggest investor in renewables

The UAE’s state-owned clean energy company Masdar is to acquire a majority share in Terna Energy of Greece. The initial deal – one of the largest in the European renewables market and the biggest ever energy transaction on the Athens Stock Exchange – is for a 67 percent stake. The price of €20 ($21.45) per […]

KBR Iraq

US firm wins $46m contract to boost Iraq infrastructure 

US engineering giant KBR has won a five-year $46 million contract to support Iraq’s infrastructure development and future energy projects, including mega-projects. The company is expanding its presence in Iraq, establishing a new office in Baghdad and said it is also considering the creation of a design centre to enhance local engineering skills. Under the […]

The UAE attracted FDI inflows of $30.7 billion last year, a 35 percent year-on-year growth

UAE ranks second in global greenfield FDI projects

A 33 percent year-on-year surge in greenfield FDI projects in the UAE catapulted the Emirates up two places to the second spot after the US in 2023. There are now 1,323 greenfield FDI project announcements, state-run Wam news agency reported, citing the World Investment Report 2024. The UAE attracted FDI inflows of $30.7 billion last […]