The government is set to offer five to seven new potential investments in the capital’s historic core to the private sector next year, a senior government official told EnterpriseAM. The move comes as part of the government’s efforts to revive the heart of Cairo and transform it into a commercial and tourist hub.

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The plan includes building retail areas and malls on vacant land near the Fustat Garden project. Also on the list is the repurposing of several historic buildings into commercial spaces and hotels while preserving the historic character and visual identity of the areas they are in.

The plan also includes the previously announced offering of former ministry buildings, which were relocated to the new capital. The former government buildings will be ready for investment under the plan following a revaluation of the assets, according to the source.

Projects in vacant land and public gardens in Downtown Cairo will also be offered, including the establishment of entertainment and tourist areas to accommodate rising visitor demand, the official said.

REFRESHER- The investments tie into the Sovereign Fund of Egypt’s plans to offer the Ministries Square area and other Downtown assets to investors as part of its larger privatization and redevelopment push for the area.

Investments will also include managing projects completed by the Urban Development Fund, such as hospitals, integrated service areas, and administrative office spaces for companies under lease agreements.

“We have received a large number of Gulf and international offers for various areas in Historic Cairo for development under usufruct or public-private partnership models,” the official said, adding that the government is finalizing the overall development plan for the project to maximize potential revenue.

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