Cairo mulls EGP1bn Investment Zone in Maspero Triangle

Cairo governorate studies the establishment of an investment zone in Maspero triangle in cooperation with a group of foreign investors, an official source said on Saturday.

The under-study investment zone will be with investment cost of EGP 1 billion (US$ 135 million), the source added.

The source noted that such a plan would be implemented after reaching an agreement with the residents of Maspero triangle whether through giving them financial compensations or providing alternative housing units in other areas in cooperation with Egyptian Ministries of Cultural Development and Housing.

Furthermore, the source said Cairo governorate’s current plans are to focus on the launch of a number of investment centres alongside offices for international firms in Maspero triangle area.

The source clarified that Maspero triangle includes vital properties, including state-owned facilities, the premises of the Italian Consulate and Egyptian Ministry of Foreign Affairs, as well as Maspero television building, in addition to lands owned by group of gulf investors.