Cairo: Prime Minister Mostafa Madbouly chaired a meeting on June 16, 2025, to review the plans of the Arab Company for Hotel and Tourism Investments (ICON) for the development and management of seven historic hotels in Egypt.

According to State Information Service Egypt, the hotels were previously included in the government’s initial public offerings (IPOs) program. The meeting was attended by key figures, including Minister of Tourism and Antiquities Sherif Fathy, Minister of Public Business Sector Mohamed Shimi, Minister of Investment and Foreign Trade Hassan El-Khatib, and Talaat Mostafa Group CEO and Managing Director Hisham Talaat.

The Prime Minister emphasized that the meeting’s objective was to assess the progress of the development plans for these culturally significant hotels. The initiative is in line with the State Ownership Policy Document, which aims to enhance returns from tourism assets through private sector partnerships. This approach seeks to modernize operations and increase the efficienc
y of these hotels, thereby attracting more guests and tourists.

Cabinet Spokesperson Mohamed el Homsany highlighted that the meeting featured a presentation by ICON on the development of seven renowned hotels located in Cairo, Alexandria, Aswan, and Luxor. These hotels include Steigenberger Cecil Alexandria, Cataract Aswan, Mövenpick Aswan, Sofitel Winter Palace Luxor, Steigenberger El Tahrir, Marriott Mena House, and Marriott Omar Khayyam Zamalek. ICON secured a stake in these hotels through a deal announced in December 2023.

The spokesperson further elaborated that discussions during the meeting focused on the ongoing renovation and upgrading efforts for these historic hotels. The restoration plan aims to preserve their architectural and cultural identity while boosting their tourism value. This includes appealing to a broader range of international visitors and enhancing regional and global marketing strategies.