In line with Egypt’s vision – represented by The Sovereign Fund of Egypt (TSFE) – to reuse its assets, attract more foreign investment and develop the Downtown area in Cairo as one of the most prominent tourist attraction spots, CairoHouse signed a number of partnership agreements on Tuesday to start the development and rehabilitation process of Al Tahrir Complex building to transform it to an iconic hospitality destination with a total investment of more than $200m.
CairoHouse is the collaboration of an international consortium of developers and investors led by Oxford Capital Group, Global Ventures Group and Al Otaiba Investments. The partnership agreements were signed with the Consolidated Contractors Company (CCC) as the general contractor for the project, CHROME being the facility management arm, and RMC for engineering solutions.
Ayman Soliman, CEO of TSFE, said: “We look forward to seeing the Tahrir Complex after its transformation as a model for repurposing Egypt’s wealth of assets to unlock their true value.”
Being the first of its kind in Egypt and the region, CairoHouse is designed by Chicago-based architect RATIO|smdp and is planned to include over 450 luxury lifestyle hotel rooms and serviced apartments, multiple world-class dining and entertainment venues, and meeting and events spaces, including Cairo’s largest rooftop venue. Inspired by LondonHouse in Chicago as one of the most iconic and successful hospitality projects in the US, CairoHouse will be a catalyst for a reimagined Downtown Cairo and future investment in the Egyptian economy. The project will provide nearly 500 job opportunities.