A Qatari-Egyptian consortium is close to being chosen to work on the redevelopment of the former National Democratic Party headquarters in central Cairo, a senior government source told EnterpriseAM. The long-awaited USD 5 bn redevelopment has been delayed due to FX fluctuations and revisions to the project’s valuation, we were told.

The consortium isn’t the only one in the running, as the Sovereign Fund of Egypt is also examining several other offers, our source told us. The list of candidates includes the consortium of UAE’s Al Shafar General Contracting Group and Saudi Egyptian Developers, which had previously secured the project in 2023, before dropping out in the following year on the back of an uptick in construction costs following the float of the EGP.

It’s still unknown how much — if at all— the plans for the prime real estate spot have changed, but the original plan was to build a 220-meter, seven-star hotel, alongside residential buildings and a multi-story car park.

REMEMBER- Qatari investors love Egypt: The Qatar Investment Authority-owned Qatari Diar inked an agreement with the Madbouly government this month to set up a USD 29.7 bn integrated urban development along the Mediterranean in Alam El Roum. Egypt is also in line for more Qatari investments as part of a wider USD 7.5 bn direct investment package from the Gulf nation, which includes a USD 3.5 bn direct investment in a Red Sea project between Diar and Marriott-owned hospitality chain St. Regis.

More downtown assets seeking investors: Authorities have completed feasibility studies and valuations for around 15 government buildings in Downtown Cairo, preparing to offer them to investors under a new pricing framework. We have previously reported that the SFE completed its financial valuation of Downtown Cairo real estate assets, including the buildings of ministries and government entities.

Ministries Square to enter the tender phase soon: The government plans to issue the tender documents for the Ministries Square area within months, setting the stage to begin awarding contracts to investors. The assets’ designated activity is flexible, providing investors the option of transforming it into a hotel or using it for administrative purposes.

That’s not all: Several Egyptian and foreign consortia have submitted proposals to manage the Fustat Hills Park project and maximize its returns. The park is scheduled to officially open its doors early next year.

Part of a wider investment framework: The government is set to offer five to seven new investments in the capital’s historic core to the private sector in 2026. The plan includes building retail areas and malls on vacant land near the Fustat Garden project, former ministry buildings, and projects in vacant land and public gardens in Downtown Cairo.

IN OTHER INVESTMENT NEWS-

Fresh investments up for grabs along the Nile: The Madbouly government is gearing up to roll out a long list of potential investments along the Nile in Cairo, Giza, and other governorates, another government source told us. The committee formed to survey land and investments in these locations is currently working to complete its work ahead of pricing the land plots.

REFRESHER- Last month, Prime Minister Mostafa Madbouly instructed officials to accelerate efforts to turn state-owned land and buildings overlooking the Nile into investment prospects.

A look at the state’s land portfolio: The state owns a total of 192 land plots overlooking the Nile in Cairo and Giza; the plots are spread across a long list of districts, including Agouza, Dokki, Maadi, and Old Cairo.

The first phase of the offering covers three governorates — Cairo, Giza, and Qalyubia. Plots in the areas will be put on offer to house hotels and administrative offices.

The authorities are currently removing encroachments on state-owned land in several areas. The step aims to maximise the value of Nile-front plots in preparation for offering 700 feddans for tourism, hotel, entertainment, and commercial projects in Cairo.

After surveying the land, the government has selected the best five locations for new hotel developments — Cairo and Giza, particularly in Maadi. Plots closest to the Nile will be earmarked for hospitality developments, while areas farther back will be designated for administrative units and business districts.

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