Industry sources reveal that negotiations are currently underway regarding the sale of Misr Hotels to a group of Saudi Investors.
The negotiations will be attended by representatives from Saudi Arabia and the Egyptian Holding Company for Housing, Tourism and Cinema, chaired by Mustafa Aid. The parties will discuss details of a projected sale of the chain.
In the past, however, the Egyptian government has had difficulty finding a buyer for Misr Hotels. Earlier this year, the Ministry of Public Enterprise submitted a report regarding a 25-year extension of land utilization rights for the Nile Hilton, owned by Misr Hotels. –(Mena Report)
© 2001 Mena Report (www.menareport.com)
