{"id":651200,"date":"2017-02-07T04:12:54","date_gmt":"2017-02-07T04:12:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/07\/downtown-cairo-is-angling-for-a-new-lease-on-life\/"},"modified":"2017-02-07T04:12:54","modified_gmt":"2017-02-07T04:12:54","slug":"downtown-cairo-is-angling-for-a-new-lease-on-life","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/07\/downtown-cairo-is-angling-for-a-new-lease-on-life\/","title":{"rendered":"Downtown Cairo is angling for a new lease on life"},"content":{"rendered":"

<\/a> Downtown Cairo is angling for a new lease on life. <\/strong>We have, for nearly two decades now, been fascinated by the notion of redeveloping Downtown using a model not dissimilar to that used by Solidere in Beirut. It\u2019s an idea to which we were first introduced by Alaa Saba, who went on with Karim Shafei, and subsequently Ammar AlKhudairy, Hazem Barakat and Samih Sawiris to put his money where his mouth was and create Al Ismaelia Real Estate<\/a> as what we would call \u2018proof of concept writ large.\u2019 Our passion for what happens to this amazing, infuriating, historic city of ours was behind our series Saving Cairo from Itself<\/strong><\/a> last summer, wherein SODIC presented its vision for how Cairo as a whole might be given a new lease on life.<\/p>\n

With all the talk of the New Administrative Capital, it has become common<\/strong> \u2014 including here at Enterprise \u2014 to assume the moving of state offices out of the downtown core would result in the gutting of the nation\u2019s historic center<\/strong>. Enter the recently formed Cairo Heritage Development Committee, which (unwieldy name or not) has set out to prove us wrong.<\/p>\n

We were recently briefed in on the CHDC and its mandate, and we\u2019re feeling uncharacteristically optimistic<\/strong>. The committee draws its power from Presidential Decree number 604, passed at the end of 2016, a copy of which we have reviewed and that \u2014 critically \u2014 gives it the power to compel cooperation from other government entities in both coming up with a long-term plan for Downtown and in taking practical steps today to remediate problems. The committee\u2019s ultimate line of reporting? Direct to the president.<\/p>\n

The committee has power<\/strong> \u2014 Cairo Governor Atef Abdelhamid<\/strong>, the head of the National Urban Planning Organization, the CEO of the New Administrative Capital, the head of the General Organization for Urban Harmony are all members. And critically, it is led by Ibrahim Mehleb<\/strong> (the former prime minister and President Abdel Fattah El Sisi\u2019s top advisor for national projects). Two private-sector figures are deeply involved: Mahmoud Abdallah<\/strong> is the only member of the committee appointed by name (as opposed to position). Abdallah is a global veteran of the insurance and private equity industries \u2014 one of the top leaders of American Re, he was later one of the architects of its KKR-backed management buyout and subsequent merger with Munich Re<\/a>. Enterprise readers will remember him as the architect of the pre-2011 restructuring of Egyptian state-owned insurance corporations. Joining Mehleb, Abdelhamid and Abdallah is Hisham Ezz Al Arab<\/strong>, the CIB chairman, in his capacity as head of the Federation of Egyptian Banks. Ezz Al Arab heads the subcommittee that\u2019s tasked with figuring out how to finance whatever vision for downtown the CHDC comes up with.<\/p>\n

The CHDC issued its first press release earlier this week \u2014 have a look at it here (pdf)<\/a> \u2014 outlining its vision and emphasis on both short-term remediation and long-term solutions. We think it\u2019s off to a good start. We\u2019ll be following its activities closely in the months ahead and invite our readers to do the same. The future of Downtown is critical to this megalopolis we all call home \u2014 CHDC\u2019s work is too important to allow it to unfold in the dark<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Downtown Cairo is angling for a new lease on life. We have, for nearly two decades now, been fascinated by the notion of redeveloping Downtown using a model not dissimilar to that used by Solidere in Beirut. 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It appears we\u2019re still some ways away from that end-of-year news slowdown, even though the number of OOO auto-responders we\u2019re getting in our inbox keeps rising by the day.*** Would the real Enterprise Fantasy World Cup winner please stand up? 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