Egypt Sovereign Fund unveils plans to establish 2,600 new hotel rooms in downtown Cairo

Ayman Soliman, Chief Executive Officer of the Sovereign Fund of Egypt (SFE) unveiled plans for upgrading downtown Cairo and the Ministries Square, including the establishment of 2,600 hotel rooms, the development of 15,000 square meters of green spaces, and the revitalization of historical buildings, Ahram Online reported Thursday.

Soliman speaking at a meeting of the parliamentary Planning and Budget Committee indicated that hotel accommodations are one of the key components of tourism in Egypt.

Egypt now has 216,000 hotel rooms capable of accommodating 15 to 16 million tourists. The country aims at attracting 30 million tourists annually by 2028.

The SFE which serves as the investment and development arm of the State was established in 2018 to offer and manage investment opportunities in State-owned assets.

Soliman reportedly said seven assets have been transferred to the SFE. More than 16 other assets in downtown Cairo are being prepared for transfer. The Egyptian government is currently to convert the seven-building complex that served as the headquarters of the Ministry of Interior for decades into a multi-purpose destination.

The new design will include a tech and business hub, a French University, serviced apartments, and a hotel as per a deal signed between the SFE and real estate development company ‘A Developments’.