ADQ and ADNEC Group to Acquire 40.5% Stake in ICON Group in Egypt
ADQ AND ADNEC GROUP ANNOUNCE AGREEMENTS TO ACQUIRE SIGNIFICANT STAKE IN ICON GROUP, PAVING THE WAY FOR FUTURE GROWTH IN EGYPT’S LUXURY HOSPITALITY SECTOR.
In a strategic move, Abu Dhabi-based ADQ and ADNEC Group announce the signing of agreement to acquire a 40.5% stake in Egypt’s ICON Group, the hospitality arm of Talaat Moustafa Group Holding. This significant foreign direct investment signals confidence in Egypt’s tourism and hospitality sector.
ICON GROUP: Key Player in Egypt’s Luxury Hospitality
ICON Group, renowned for its luxury and upscale hospitality in Egypt, owns operational gems like Four Seasons Cairo at Nile Plaza and Kempinski Nile Hotel Cairo. With additional assets under development, including Four Seasons in Madinaty and Radisson Collection in Marsa Alam, ICON is poised for further growth.
This strategic investment, through a special purpose vehicle, aims to deleverage ICON Group’s existing debt and acquire a stake in seven luxury heritage hotels owned by the Egyptian Government. The move reflects investor confidence and contributes to Egypt’s growing tourism sector, expected to reach over 30 million tourists annually by 2028.
ADQ’s & ADNEC’s Long-Term Commitment to Egypt
ADQ’s interest in assets with sustained growth aligns with its commitment to the Egyptian economy. This move follows ADQ’s previous investments in market leaders, including the acquisition of Amoun Pharmaceutical Company. With ICON’s combined portfolio, ADQ aims to capitalize on Egypt’s evolving tourism preferences.
ADNEC Group, evolving into a comprehensive tourism solutions provider, emphasizes the synergistic potential with ICON. Through its leisure tourism arm, Tourism 365, ADNEC Group will tap into Egypt’s tourism market, enhancing its tourism platform.
Hisham Talaat Moustafa, CEO of TMG Holding, expresses excitement about having ADQ and ADNEC as strategic partners of ICON Group. This transaction sets the stage for substantial growth in Egypt’s tourism sector.
EFG Hermes act as the sole financial advisor to TMG Holding on this transformative transaction. The partnership will be subject to customary closing conditions, marking a significant milestone in Egyptian hospitality landscape.
About ADQ & ADNEC Group
ADQ, founded in 2018, is an investment and holding company headquartered in Abu Dhabi. Boasting a diverse portfolio, ADQ holds significant stakes in major enterprises across pivotal sectors of the UAE’s economy. These sectors encompass energy and utilities, food and agriculture, healthcare and life sciences, as well as mobility and logistics. ADQ is dedicated to expediting the Emirate’s evolution into a globally competitive and knowledge-based economy.
Established in 2005, ADNEC Group stands as UAE’s most diverse conglomerates and a major economic powerhouse in the MENA region. As an integral part of ADQ, ADNEC Group boasts a versatile portfolio spanning venues hotels, F&B, services, tourism, and media.
