Gov’t sets the wheels in motion on the first post-float privatization project: Cabinet has given Nilus Hotel and Commercial Services and Nilus Residential Services approval to build two commercial and residential towers on the National Democratic Party’s (NDP) former headquarters, according to a decision published in the Official Gazette. The two projects, reportedly worth a combined USD 5 bn, are due for completion in 2Q 2028.

In detail: Nilus Hotel and Commercial Services is set to build a 75-story hotel, commercial, and administrative tower, while Nilus Residential Services will build a 50-story residential tower that includes 446 luxury housing units.

Remember: The government in August ordered the transfer of the 16.6k sqm land plot from the Sovereign Fund of Egypt’s (SFE) tourism sub-fund to the two companies. The firms appear to be established for the NDP redevelopment project, which is one of several landmark projects aimed at developing old buildings in central Cairo and making the area more attractive for investments.

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