Gov’t looks to private sector to save 150 of Egypt’s 20th century buildings

The government is working on a plan to enlist the private sector to renovate and lease out some 150 ailing early 20th century buildings in Cairo, Alexandria and Port Said, Public Enterprises Minister Hisham Tawfik said during a business conference, according to Reuters. The Insurance Holding Company, which owns some 150 buildings “classified as historic,” has already wrapped up its studies of the plan, which will follow the model pioneered by private sector outfit Al Ismaelia for Real Estate Investment. Al Ismaelia has bought 23 buildings in Downtown Cairo. “They take the buildings, they settle with individuals or companies who are renting these apartments, they do the necessary renovations, inside and outside, and they simply rent them to the private sector,” Tawfik said. “And they are making some decent returns on their investment.”