Qatar Quarry Group submitted an offer to Arabian International Hotels & Tourism to buy the Ramses Hilton Hotel in Cairo for about $320 million, according to two people familiar with the deal.
Qatar agreed with the Egyptian government in March on investments and partnerships worth up to $5 billion over the coming period. While the two sides did not reveal at the time the areas in which those investments would be injected or when the deals would be concluded, Egyptian Minister of Planning Hala Al-Saeed told Bloomberg that the country fund would acquire assets.
Qatari investments in Egypt amounted to $2.7 billion in 10 years, while in the first quarter of this year they amounted to about $121 million. Remittances from Egyptians working in Qatar rose 15% in 2020-2021 to $1.5 billion.
