Egypt’s Midar for Urban Development is in talks to develop a major hotel project in central Cairo, as part of a broader effort to repurpose former government buildings left vacant by the country’s shift to a new administrative capital.
The developer, which owns the Future City and Mada residential projects in East Cairo, aims to partner with Hassan Allam Holding and a Saudi investor on the downtown scheme, a board member told Al Manassa on condition of anonymity.
The proposed project spans more than 70 feddans (approximately 280,000 square meters), with an estimated initial investment of $2 billion. The official announcement, however, hinges on final agreements with the government, expected in the fourth quarter, the source added.
Midar is jointly owned by a consortium of state-backed financial institutions, including Banque Misr, the National Bank of Egypt, and Misr Capital, the investment arm of Banque Misr, alongside the National Investment Bank.
The planned site lies in the historic Khedivial district near Qasr Al-Ainy Street, where government offices were previously concentrated. A source from the General Organization for Urban Planning told Al Manassa that the total available land in the area amounts to around 400,000 square meters.
Prime Minister Mostafa Madbouly said in March that the government had received “numerous proposals” to redevelop the vacated buildings following the move of ministries to the New Administrative Capital.
The redevelopment plan divides the area into designated zones for hotels, cultural venues, commercial offices, and residential and educational use, according to deputy housing minister Khaled Ibrahim.
Hassan El Khatib, Egypt’s minister of investment, recently confirmed rising interest from major investors in acquiring and converting former government properties into hotels.
Among those expressing interest is Emirati businessman Mohamed Alabbar, founder of Emaar Properties, who said on Sunday, “I want Downtown Cairo, not only for investment, but because I love this city. It speaks of grandeur.”
