Egypt to offer ‘Ministries Square' to private sector investors
Egyptian Prime Minister Mostafa Madbouly chaired a meeting to review the steps and procedures for maximising the benefits of the 'Ministries Square' area and offering it to the private sector, the cabinet said on Sunday.
The meeting was attended by Minister of Investment and Foreign Trade Hassan El-Khatib, businessman and member of the Advisory Committee for the Development of Egyptian Tourism Hisham Talaat Moustafa, Vice Chairperson of the Board of Directors of the Urban Development Fund Baher El-Shaarawi, Assistant Minister of Investment Ghada Nour, Vice Chairperson of the Board of Directors of the Urban Development Fund Mostafa Abdel-Wahab, and Acting CEO of the Sovereign Fund Noha Khalil.
Madbouly began the meeting by referring to the efforts being made to expedite the offering of the 'Ministries Square' area to the private sector, particularly for tourism purposes. He noted the tasks assigned to the Ministry of Investment in this regard and acknowledged Hisham Talaat Moustafa's ideas and proposals, given his membership on the Advisory Committee for the Development of Egyptian Tourism, which could contribute to maximising the benefits of this area.
During the meeting, El-Khatib pointed out the ongoing efforts to maximise the return on investment from the 'Ministries Square' area and the Sovereign Fund's assets in general. He affirmed the continuous communication with various investors in different sectors.
The Minister of Investment reviewed the measures taken by the ministry, represented by the Sovereign Fund of Egypt, to maximise the utilisation of several state-owned assets.
'We are currently gathering ideas and visions from various specialists regarding the development of the 'Ministries Square' area, as well as utilising the downtown area in general, while preserving its architectural character and cultural value,' the Minister added.
Hisham Talaat Moustafa presented several ideas for developing the 'Ministries Square' area to maximise its benefits and generate greater revenues for the Egyptian government. He emphasised the need for a clear and integrated vision for the planning and uses of this area, which would meet the government's desire to increase the number of hotel rooms in the downtown area. He noted the increased tourist interest in the area and the need to consider decisions that would make it more attractive to tourists and major hotel investors.
Madbouly responded by confirming that urban planning studies had been previously prepared for the optimal use of the downtown area. These studies will be used in the preparation of the offering memorandum.
At the conclusion of the meeting, the Prime Minister instructed a working group from the relevant ministries and authorities to finalise the offering memorandum, ensuring that it provides clear answers to all questions from private sector investors.
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