Cairo local authorities begin redevelopment of downtown Stock Exchange area

Cairo governor Atef Abdel Hamid announced the start of development of the Stock Exchange area in downtown Cairo as part of a comprehensive plan to restore the Khedive architectural style of downtown Cairo by reconstructing buildings and facades, to turn the area into an open museum.

Abdel Hamid said in a press statement on Monday that the Stock Exchange area includes 23 buildings, 17 of which are currently under development through funding worth approximately LE5 million, provided by the National Bank of Egypt (NBE).

The NBE will also finance the development of 12,000 sq meters of the surrounding pedestrian streets in the area, he added.

The governor said owners of closed down shops can reopen them, after they coordinate with authorities and obtain relevant licenses regarding their shop’s activities.