2,600 new hotel rooms in downtown Cairo

The Sovereign Fund of Egypt (SFE) has unveiled ambitious plans for downtown Cairo, including the creation of 2,600 hotel rooms, the development of 15,000 square meters of green spaces, and the revitalization of historic buildings.

CEO Ayman Soliman highlighted the significance of hotel accommodations in Egypt's tourism industry. Egypt aims to attract 30 million tourists annually by 2028, doubling the current projection of 15 million. Currently, Egypt has 216,000 hotel rooms capable of accommodating 15 to 16 million tourists, but the goal is to double this capacity.

In 2022, Egypt welcomed 11.7 million tourists, a 46.2 percent increase from the previous year. By mid-2023, seven million tourists had already visited the country, with a target of reaching 15 million by year-end.

The SFE is actively working on repurposing assets in downtown Cairo, including the former ministries headquarters. Plans include transforming a Ministry of Interior complex into a multi-purpose destination featuring a tech and business hub, a French university, serviced apartments, and a hotel through a partnership with A Developments.

Additionally, the Mugamma Al-Tahrir building is set for a transformation into a luxury hotel through a $200 million investment by a US consortium.

With assets under the SFE reaching $12 billion by July 2023, these developments signify Egypt's commitment to enhancing its tourism infrastructure and boosting the economy.