ADQ and ADNEC to acquire a 40.5% stake in ICON.

ADQ, an Abu Dhabi-based investment and holding company, and ADNEC, an international business and leisure tourism group, agreed to acquire a 40.5% stake in ICON, an Egyptian hospitality company. Financial terms were not disclosed. “The investment in ICON is an important strategic step for ADNEC Group, as we deliver on our global expansion strategy and will provide ADNEC Group and its portfolio companies with access to Egypt’s rapidly growing tourism market and reaffirms our commitment to enhance our hospitality and tourism platform. We will work closely with TMG Holding to enhance and grow ICON and create additional value for our shareholders,” Humaid Matar Al Dhaheri, ADNEC Group Managing Director and Group CEO.