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| Egyptian President Abdel Fattah al-Sisi |
The Egyptian capital, Cairo, is preparing to implement a new investment project that will transform the Opera Garage, one of the most famous landmarks in downtown Cairo, into a hotel, after the President of the Republic approved the decision.
Cairo Governor Ibrahim Saber announced that the governorate has agreed with a private sector company to manage the Opera Garage and convert it into a hotel, as part of the state's plan to maximize the use of unutilized assets and increase their economic returns.
During the press conference held on the occasion of the National Day of Cairo Governorate, the governor explained that the company will undertake the implementation and management of the project in accordance with the legal regulations and procedures, noting that the decision received presidential approval in preparation for the start of implementation during the next phase.
He stressed that the governorate is working to redeploy its assets in a way that serves the goals of economic development and enhances investment opportunities, while preserving the civilized character of vital areas, noting that the coming period will witness the announcement of new investment and development projects aimed at developing the capital and raising the efficiency of services provided to citizens.
He added that these projects come within the framework of the state’s vision to transform Cairo into a city that is more attractive to investment and tourism, and to take advantage of the available assets and capabilities in a way that achieves an economic return that contributes to supporting the governorate’s resources and improving the level of services.
The Opera Garage is located in the Ataba area in the heart of Cairo, and is one of the most prominent assets owned by the Cairo Governorate, due to its strategic location near Ataba, Ramses and Downtown squares, which are areas that witness high commercial and tourist density.
In recent years, the state has adopted a policy to maximize the benefit from unutilized public assets by redeveloping them or changing their activities to achieve a greater economic return, in partnership with the private sector, within the framework of plans aimed at increasing investments, revitalizing tourism, and improving the efficiency of managing state-owned assets, in parallel with projects to develop historic Cairo and the capital's center.
