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.
