Sigma Capital

26-12-2024

The Prime Minister reviews tourism investment opportunities in the downtown area with a number of investors

Source: MIST

Dr. Mostafa Madbouly, Prime Minister, reviewed tourism investment opportunities in the downtown area of ​​Cairo Governorate, with a number of investors, during a meeting held in the presence of Mr. Sherif Fathy, Minister of Tourism and Antiquities, Dr. Ibrahim Saber Khalil, Governor of Cairo, Mr. Hossam El Shaer, Chairman of the Egyptian Federation of Tourist Chambers, Eng. Mohamed Abu Saada, Chairman of the National Authority for Urban Coordination, Mr. Ahmed El Wassef, Member of the Specialized Council for Economic Development, Mr. Basil Sami Saad, Chairman of the Board of Directors of "Al Daw" Real Estate and Hotel Development Company, Ms. Noha Khalil, Acting Executive Director of the Egyptian Sovereign Fund, and Eng. Mohamed Atef, Deputy CEO of Talaat Moustafa Group. The Prime Minister confirmed that in continuation of the first meeting, and within the framework of the state's vision for the optimal use of all tourist areas, work is currently underway after evacuating the downtown area from ministries, to re-use it as hotels, within the framework of interest in the downtown area and Cairo in general, adding that this development will be linked to the allocation of some streets in this area for pedestrians only. He pointed out that this meeting aims to follow up on the development work that has been done in the downtown area, in addition to presenting the investment opportunities offered in this area, indicating that these opportunities will be presented to various investors in a way that contributes to making the most of them. During the meeting, Dr. Ibrahim Saber Khalil, Governor of Cairo, presented a report on the Khedivial Cairo Development Project, whose borders of distinguished value were approved as a distinguished heritage area in 2009 by the Supreme Council for Planning and Urban Development, within the framework of the more comprehensive project to develop and protect heritage Cairo in the downtown area. The governor explained that the facades of 300 registered and distinguished properties were renovated in the Khedivial Cairo area during the period from 2015 to 2017, in addition to developing 5 squares and 10 streets. The first phase of the Nile Corniche and Tourist Walkway Development Project was opened in 2017. The governor added that the first and second phases of the Khedivial Cairo area development works were completed, which witnessed the maintenance and rehabilitation of 32 properties according to the requirements of the National Authority for Urban Coordination, in Qasr El Nil Street in the area between Talaat Harb and Mustafa Kamel Squares, including the properties overlooking the squares, in addition to developing the facades of the shops below the properties, and lighting the facades of the properties similar to the properties overlooking Tahrir Square, in addition to removing encroachments, and displaying pictures reflecting the development works in the two phases. The governor also reviewed the proposed third and fourth phases of the development works of the Khedivial Cairo area, including the path of those phases, as the third phase extends from Talaat Harb Street between Talaat Harb and Tahrir Squares, while the fourth phase extends from Talaat Harb Square, passing through Talaat Harb Street until its intersection with 26th of July Street. The governor also discussed the efforts of civil society and the business community in participating in the development works, and examples of these contributions, in addition to discussing the progress of the maintenance works of Tahrir Square to preserve its splendor, as assigned by the Prime Minister, as well as the development of the Alfy area in downtown. Counselor Mohamed El-Homsany, the official spokesman for the Prime Minister’s Office, stated that the meeting reviewed investment opportunities in the downtown area, where the lands and heritage buildings in the downtown area were discussed, within the plan to develop the ministries square, with the aim of employing assets with distinguished architectural value, where it was indicated that this area is expected to witness the addition of open and green spaces of more than 15 thousand square meters, as well as support with about 2600 new hotel rooms, in addition to about 1200 hotel apartments, and targeting the implementation of 10 thousand square meters of new cultural destinations, and achieving many of the targeted environmental standards. In this context, the project to re-employ the Ministries Square in the downtown area was discussed, which includes dividing the Ministries Square into 6 areas that can be offered in stages. These areas include several buildings with a distinctive character, including the Ministry of Justice building, the headquarters of the Ministry of Education and Technical Education, the Ministry of Housing, Utilities and Urban Communities building, the headquarters of the General Authority for Urban Planning, the Ministry of Supply and Internal Trade building, and the headquarters of the Ministry of Military Production, in addition to pointing out the ways to benefit from these buildings, especially the heritage ones, to establish distinguished international hotels that attract a targeted category of tourist markets. The government buildings available for investment in the downtown area were also reviewed, including the Ministry of Water Resources and Irrigation building on the Nile Corniche, the Ministry of Foreign Affairs building on the Nile Corniche, the Ministry of Local Development building in Garden City, the Ministry of Tourism and Antiquities building in Zamalek, the Exhibition Grounds in Nasr City, and a number of other government buildings, as well as proposals to re-employ them. The official spokesman for the Cabinet added that the meeting also reviewed the status of the implementation of the Nile Towers project "Maspero Triangle", noting in this regard that the project consists of 3 residential towers on a total area of ​​4,500 square meters, and 3 basements with a capacity of 1,272 cars, and each tower includes 30 floors with a total of 774 units for the tower, and at the top of each tower there are 2 villas with areas of 5,250 square meters for the villa, reviewing the inventory of lands available for investment on the Nile Corniche. The meeting witnessed the presentation of a number of visions by investors, which included the need for a general plan for the entire area, through which uses are determined, and streets, squares and facades are developed, as well as the need for a distinctive character for the area to express the spirit and splendor of historic Cairo. They also indicated that this direction by the government will contribute to bridging the deficit in hotel rooms, and stressing that there will be interest in partnership from a number of investors in these hotel projects.