Egypt to open Nile Corniche lands for investment

CAIRO, Egypt (MNTV) — Egypt will open prime real estate along the Nile Corniche to private investors as part of its plan to monetize underutilized state assets and strengthen government revenues, Prime Minister Mostafa Madbouly announced during a cabinet meeting in the New Administrative Capital.

The initiative targets lands and buildings overlooking the Nile, with 110 sites in Cairo covering 430 acres and 82 sites in Giza spanning 315 acres, according to an official Cabinet statement.

Madbouly directed officials to fast-track efforts to convert these areas into investment zones, enabling mixed-use projects and commercial ventures that align with urban planning and development guidelines.

The move follows Egypt’s report of 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, reflecting the government’s push to diversify income sources.

Counselor Mohamed El-Homsany, the Cabinet’s official spokesperson, said the Prime Minister reviewed the steps taken to identify available properties in collaboration with relevant authorities. 

A comprehensive geographic database has been prepared, detailing ownership, land conditions, and current usage.

The Cabinet added that the review included regulations such as building height limits, land pricing, proposed development activities, and licensing procedures for investors.

Officials emphasized that the initiative complements broader efforts to attract domestic and foreign investment. In September, Egypt offered over 1,386 industrial plots across 23 governorates and 35 industrial zones totaling 6.8 million square meters.