Last year, Qatar committed to invest $5bn in the economy of Egypt. Credit: Natali NN on Unsplash.

Qatar’s sovereign wealth fund is negotiating with the Sovereign Wealth Fund of Egypt (TSFE) to invest in seven historic hotels in Egypt, Reuters has reported.

It was declared that the Qatar Investment Authority (QIA) plans to purchase up to a 30% stake in the state-owned hotels.

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The seven hotels are the Marriott Mena House at the Giza Pyramids, the Mövenpick Aswan, the Sofitel Legend Old Cataract in Aswan, the Sofitel Winter Palace in Luxor, the Steigenberger Cecil Alexandria, and the Steigenberger El Tahrir in Cairo.

Qatar is keen on buying stakes in these properties not merely for their value as real estate assets but also for their historical significance in what could be a landmark deal between the two nations, which just two years ago resumed diplomatic ties. One of the hotels dates back to the 1800s.

Both QIA and TSFE refused to offer any comment on the report.

Previously, the Egyptian government stated that it might sell shares in lodging properties like Aswan’s Old Cataract Hotel, which boasts a view of the Nile.

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The QIA also have investments in the Shard skyscraper and Harrods’ flagship store in London and aims to broaden its investment portfolio. Egypt has also increased its hospitality sector with the launch of various new hotels.

Recently, affiliates of Hyatt Hotels signed a franchise agreement with ALDAU Development to debut the Hyatt Centric brand in Egypt.

The agreement paved the way for the opening of Hyatt Centric Cairo West, a full-service 283-key lifestyle hotel in Cairo’s Pyramids Heights Business Park.

In May this year, Four Seasons Resort Sharm El Sheikh opened its new luxury suite accommodation, The Palace, for its guests in Egypt.

In April, German hotel company Steigenberger Hotels launched the Steigenberger Hotel and Nelson Village property in Sinai, Egypt.