The government is offering newly renovated Islamic Cairo for private investors

The narrow lanes, minarets, and mashrabiyas of Islamic Cairo may soon welcome new private investors, as the government prepares to offer a selection of restored heritage sites under public-private partnership schemes, a government official tells EnterpriseAM. Freshly renovated corners of Islamic Cairo are being readied for boutique hotels and commercial ventures, riding the tourism momentum sparked by the opening of the Grand Egyptian Museum.

Al Muizz Street and its surrounding quarters sit at the heart of these plans, with the Bab Al Futuh gate opening to a 6.5k sqm boutique hotel at Wekalet El Arnaouti, facing the historic Al Hakim Mosque. A large integrated building in Haret El Roum is also on the table for a mixed-use commercial, service, and tourism project. Additional sites are lined up in the historic Khayamiya district, known for its vibrant tentmakers’ craft and recognized as a Unesco World Heritage site, alongside projects at Wekalet El Shorbagy.

The pipeline stretches beyond the old city walls. A global consortium is set to be selected to develop the Al Fustat Hills Gardens project, which will combine serviced apartments with integrated tourism and entertainment zones, positioning the area as a broader leisure destination.

The government is keeping the door open to flexible contracting models and payment structures to attract international operators who can invest without disturbing the district’s architectural soul.

Why it matters: The state is moving toward repurposing heritage areas into development projects that ensure sustainable economic returns. With visitor numbers climbing across Islamic heritage sites, the need for additional hotel capacity is becoming pressing, the official said. The wider redevelopment of Historic Cairo and nearby informal areas, covering some 10k feddans, has cost around EGP 317 bn, according to previous remarks by Informal Settlements Development Fund head Khaled Seddik — with EGP 60-70 bn directed specifically toward Historic Cairo through the Housing Ministry’s budget.

More in the works: The Urban Development Fund, in coordination with Cairo Governorate and the Awqaf Authority, is preparing additional state-owned historic properties for investment, with plans to transform them into high-end hotels that can generate sustainable returns, the official noted.