The project, located in the historic Lazoghly district, is being developed by Reliance for Real Estate Development in collaboration with the Sovereign Fund of Egypt (TSFE). It seeks to transform the former government site into an integrated service complex featuring a Marriott-managed hotel, serviced apartments, office spaces, and a central courtyard for cultural activities.
"The Sovereign Fund’s goal is not to sell assets, but
to maximize their returns to bolster the state budget and preserve the rights
of future generations,"El-Khatib said during the site visit.
The redevelopment covers 20,000 square meters and will
provide 364 hotel rooms and 35 commercial units. It is expected to create 3,000
direct and 10,000 indirect jobs, with a scheduled completion date in the first
half of 2027.
The design integrates modern hospitality with the area's
heritage, including the preservation of the Sabil Sherif Pasha, built in 1913.
"This project represents a living model for an
integrated complex that blends business, entertainment, and tourism," said
Magdy Kasabgy, Chairman of Reliance for Real Estate Development.
Noha Khalil, acting CEO of the Sovereign Fund of Egypt, noted that the fund worked with international experts to ensure the multipurpose site maintains the unique architectural character of downtown Cairo.