(Bloomberg Markets) -- On a sweltering late-summer evening last year in southern Egypt, the country’s most storied hotel was bustling once again, hosting...
-- On a sweltering late-summer evening last year in southern Egypt, the country’s most storied hotel was bustling once again, hosting personalities with ambitions of shaping the world. In the more than a century since it opened, Aswan’s Old Cataract, perched on a rocky outcrop on the Nile River’s eastern bank, has welcomed the likes of Winston Churchill, Jimmy Carter and Tsar Nicholas II.
In the short term, the UAE’s goal was to shore up the economy of a country seen as too big to fail. The fear: a return of the mass unrest and empowered political Islam that roiled the Middle East during the Arab Spring revolts more than a decade ago, threatening established regimes, according to people involved in the decision who were granted anonymity to discuss private and sensitive discussions.
In February 2023 authorities listed more than 30 companies in which investors could bid for stakes, in sectors including finance, oil, real estate and ports. The list of companies proved by no means exhaustive, with local media frequently reporting possible additions. As of March, the UAE had been the only fellow Arab state to step up consistently. It was the biggest shareholder in two of Egypt’s top three listed companies, Commercial International Bank and Eastern Co. SAE.
Tourism is an obvious focus of investment, given Egypt’s vast cultural heritage, according to Monica Malik, chief economist at Abu Dhabi Commercial Bank. The government announced plans to boost visitor numbers to 30 million annually by the end of the decade, up from a record 14.9 million last year. Egypt’s tourism assets “really need a significant capital injection to bring them back up to luxury travelers’ standards,” she says.
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