Egypt’s Historic Hotel Sell-Off Raises Concerns Over Heritage and Debt Crisis

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In a bid to confront its debt crisis, Egypt has embarked on a historic sale of its cherished assets, including the iconic Marriott Mena House hotel nestled near the Great Pyramids of Giza. Financed by Emirati investors, this USD 800 million (EGP 24 billion) deal marks a significant shift in Cairo’s strategy to navigate its financial turmoil. Led by Hisham Talaat Moustafa, Egypt’s largest real estate developer, the acquisition of seven heritage hotels includes renowned properties such as The Sofitel Legend Old Cataract Aswan, Mövenpick Resort Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, Steigenberger Cecil Hotel Alexandria, Marriott Mena House Cairo, and Marriott Omar Khayyam Zamalek. However, the decision to offload these assets comes at a time when Egypt faces severe economic challenges, with rising inflation and strict spending cuts. The sale of the Marriott Mena House and other historic hotels to Moustafa, who was pardoned for a murder conviction in 2017, adds controversy to the deal.  While this transaction is seen as a critical step in the government’s effort to alleviate its debt crisis, it raises questions about the preservation of Egypt’s cultural heritage and economic sovereignty. The…

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The post Egypt’s Historic Hotel Sell-Off Raises Concerns Over Heritage and Debt Crisis first appeared on Egyptian Streets.

Source: egyptianstreets