The Minister of the Public Business Sector Mohamed Shimi, reviewed the most prominent investment opportunities available in Egyptian state assets during a meeting held with Prime Minister Mostafa Madbouly on Sunday.
The meeting focused particularly on tourism and construction sectors, particularly a range of historical buildings owned by Omar Effendi company.
Omar Effendi Buildings
The Minister emphasized that the Omar Effendi Building on Abdel-Aziz Street, located in the heart of Khedivial Cairo and distinguished by its location, availability of services, and ease of access, represents a promising investment opportunity.
Shimi added that there is a proposal to convert the building from a commercial facility into a tourist hotel as part of the plan to revitalize Khedivial Cairo.
The plan also includes developing the Omar Effendi branch on Adly Street and converting it into a hotel, along with a similar project for the Hejaz branch in Heliopolis, and a third project to convert the Murad Street branch in Giza into a tourist hotel and hotel apartments.
During the meeting, Madbouly called to optimally utilize state assets and maximize their returns, especially in tourism sector, with the aim of increasing the number of hotel rooms and boosting tourist numbers.
The Prime Minister emphasized that the government supports partnerships with the private sector, in accordance with the State Ownership Policy Document, to inject new investments and implement governance-based asset management methods.
New Projects in Heritage Buildings
Shimi reviewed some other buildings belonging to the business sector that could be used for hotel projects, including:
- The Cosmopolitan Building, owned by EGOTH, distinguished by its unique architectural style and historical character, making it suitable for transformation into a high-end tourist destination.
- The Shamla Building, owned by Sednawi and the Sale of Handicrafts Company, overlooks the heart of Khedivial Cairo, which enhances the chances of converting it into a hotel and hotel apartments.
- The Saad Zaghloul buildings, directly overlooking the Mediterranean Sea in Saad Zaghloul Square, are a prime location for a luxury tourist hotel.
The proposed opportunities also include projects to revitalize some historic hotels, including:
- Continental Hotel, restoring its old architectural style.
- Egypt Tourism Tower in Abbassia Square, which enjoys a central location.
- Cleopatra Hotel and the Cotton Palace building, overlooking tourist attractions in Alexandria.
- Investment Projects on Premium Land
The Minister of the Public Business Sector also presented some land sites ready for investment, particulary:
- The Carnelia Beach project in Marsa Alam, covering an area of 386,000 square meters overlooking the Red Sea with a beach length of up to 1,000 meters. The first phase, with an area of 90,000 square meters, is currently under development.
- A plot of land behind the Constitutional Court on Maadi Corniche.
- The Rukn Farouk land on Helwan Corniche.
- The Capital View project in Mokattam.
- Heliopolis City in New Heliopolis.
- Aga Khan land on the Nile Corniche in Shubra.
Promoting Egyptian and Foreign Investors
The Minister noted that his ministry has already begun presenting these investment opportunities to a number of local and foreign investors, as part of a plan to attract partnerships with the private sector and maximize economic and tourism returns from state-owned assets.
