ADQ and ADNEC Group enter into definitive agreements to acquire a 40.5 percents take in TMG Holding’s hospitality business in Egypt

• Acquisition of the stake through a capital increase in TMG Holding’s hospitality arm, ICON,will help continue the development of the luxury hospitality industry in Egypt
• The transaction will also involve the acquisition of a stake in seven iconic heritage luxury hotels in Egypt which are currently owned by the Egyptian Government through ICON

Abu Dhabi, UAE –12January 2024:ADQ, an Abu Dhabi-based investment and holding company, andADNEC Group (“ADNEC”) today announced the signing of definitive agreements for the strategic acquisition of a 40.5 percent stake in Egypt-based Talaat Moustafa Group Holding’s (“TMG Holding”) hospitality arm, ICON Group (“ICON”) through a capital increase. ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.

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