Acceleration of exploiting Nile Corniche lands in diverse investment projects in Cairo and Giza, including hotels, commercial centers, residential and administrative units, to maximize state revenues and attract investments in light of current economic challenges.
The Egyptian government issued urgent directives to accelerate the process of converting lands and buildings located on the Nile Corniche in the governorates of Cairo and Giza into investment projects attractive to investors and businessmen.
This step included preparing a comprehensive database that includes 192 sites, distributed between 110 sites in Cairo and 82 sites in Giza, with a total area of approximately 745 acres. This step aims to facilitate the process of offering these sites for investment in multiple sectors, including hotels, commercial centers, administrative offices, and residential units. The plan also includes identifying the restrictions imposed on each site and the proposed activities for it, in addition to simplifying the procedures for obtaining the necessary licenses.
These directives were announced during a meeting held in the New Administrative Capital, in the presence of the Minister of Housing, the governors of Cairo and Giza, and the head of the Urban Development Fund. Officials stressed the importance of maximizing the returns that the state can reap from unexploited assets, through partnerships with the private sector. This offering is part of a broader strategy aimed at attracting local and foreign investments, especially in light of current economic challenges such as inflation and the decline in the value of the pound. Emphasis was also placed on the possibility of establishing high-rise tourism projects reaching up to 140 meters in some areas.
The Nile Corniche is characterized by its extension of about 40 kilometers, combining the traditional architectural character and the daily life of Egyptian citizens, in addition to being a major tourist destination attracting millions of visitors annually. This new investment step is part of the government efforts made since 2022, which began with the “Ahl Masr Walkway” project, with the aim of maximizing the economic utilization of the lands overlooking the river, after decades of fragmented government ownership and the suboptimal exploitation of these strategic locations.
source: 961 today
