Egypt has signed an MoU with an unnamed Saudi investor to renovate the Shepheard Hotel, Public Enterprises Minister Hisham Tawfik said, according to a cabinet statement. The final contract, which will be signed within a month, will see the Saudi investor finance the renovation of the historic hotel and will get a cut of revenues once it is operational again, Tawfik told Hapi Journal. The expected cost of the renovation was not disclosed.