Egypt sells stakes in 7 state-owned historic hotels in partial privatization

CAIRO, Dec. 20 (Xinhua) -- The Egyptian government on Wednesday inked a deal to sell 39 percent stakes in seven state-owned historic hotels to the country's private real estate giant Talaat Mostafa Group (TMG).

The deal was reached between The Sovereign Fund of Egypt (TSFE), the state-owned Egyptian General Company For Tourism and Hotels, and TMG's branch the Arab Company for Tourism and Hotel Investment (ICON), the Egyptian cabinet said in a statement.