RIYADH: Egypt is set to offer prime real estate along the Nile Corniche to private investors, aiming to monetize underutilized state assets and boost government revenues, Prime Minister Mostafa Madbouly said.
In a meeting at the government headquarters in the New Administrative Capital, Madbouly directed authorities to accelerate plans to transform lands and buildings overlooking the Nile into investment opportunities, according to an official statement from the Cabinet.
The authorities have identified 110 sites along the Nile Corniche in Cairo, covering 430 acres, and 82 sites in Giza, spanning 315 acres.
The move comes as the government reported a record primary budget surplus of 629 billion Egyptian pounds ($13 billion) for fiscal year 2024–2025, despite a 60 percent decline in Suez Canal revenues.
The initiative complements broader industrial development efforts. Last month, the government offered 1,386 fully serviced industrial plots across 23 governorates and 35 industrial zones, totaling 6.8 million sq. meters, to attract local and foreign investors.
In its official Facebook account, the Egyptian Cabinet stated: “The Prime Minister directed that work be accelerated to transform lands overlooking the Nile Corniche into investment opportunities for various activities.”
It added: “He clarified various details related to these lands, including height restrictions, their prices, and the proposed activities. He also outlined the various procedures and steps required to obtain the necessary licenses to commence operations there.”
Counselor Mohamed El-Homsany, the Cabinet’s official spokesperson, said the Prime Minister also reviewed the executive steps taken to identify properties available for investment, in coordination with the relevant authorities.
“A geographic database has been prepared for the various state assets overlooking the Nile Corniche in the two governorates, including the jurisdiction over these lands, the nature of the lands currently occupied, and the activities utilized therein,” the statement added.
Furthermore, the official spokesperson stated that the meeting reviewed a detailed report on these sites, documenting each plot’s area, administrative jurisdiction, land characteristics, and current uses.
