Egypt Denies Offering Nile Corniche Lands for Sale, Confirms Inventory of Unutilized Assets

The Media Center of the Egyptian Cabinet, after communicating with the Urban Development Fund, denied the accuracy of reports claiming that the Fund is offering lands and sites overlooking the Nile Corniche for sale, as reported by Al Khaleej newspaper.

The Center explained that the current measures do not constitute an offering for the sale of Nile Corniche lands, and that work is limited to listing and evaluating unutilized or underutilized assets, along with studying their optimal investment uses.

It stated that each site is inventoried, evaluated, and studied individually, taking into account its surroundings as well as existing and proposed uses, with the assistance of specialized consultancy firms to conduct technical, urban, and economic studies for these locations.

Ownership of these assets remains with the governing state entities, and utilizing them aims to maximize economic returns for those bodies. A committee chaired by the Chairman of the Urban Development Fund and including representatives from relevant entities was formed to review investor requests regarding the inventoried locations, as well as to establish the necessary technical, financial, and legal standards and controls to evaluate and compare investment offers.

What do these terms mean?

Urban Development Fund: An Egyptian government entity working to develop urban areas and leverage state assets within them. Asset Inventory: The cataloging, recording, and assessment of properties, including their condition and estimated value. Maximizing Returns: Achieving the highest possible revenue from utilizing state assets.