Marriott Partners With Cairo House To Transform Mogamma Al Tahrir

February 5, 2025

 

Marriott International has partnered with Cairo House Egypt for Real Estate and Tourism Investment SAE to transform the historic Mogamma Al Tahrir building into an Autograph Collection Hotel, as part of a broader effort to revitalize Downtown Cairo, the company announced on February 4.

Global consortium driving Downtown Cairo revitalization

An international consortium of developers and investors, including Global Ventures Group, Oxford Capital Group, Al Otaiba Investments, and Zoser Capital Partners, will lead the development. The hotel will feature 500 guestrooms and serviced apartments, along with a rooftop swimming pool offering panoramic views of Tahrir Square, the Nile, and the distant Giza Pyramids.

“We are honored to work with Marriott International to bring an Autograph Collection hotel to the Mogamma Al Tahrir building,” said Randall Langer, Chairman of Global Ventures Group. “We value the Marriott alliance, the strong support of The Sovereign Fund of Egypt, and the substantial efforts by the numerous team members that are bringing this project to life,” he added.

This project aligns with the broader vision of The Sovereign Fund of Egypt (TSFE), which plans to revitalize Downtown Cairo by transforming brownfield sites, including the adaptive reuse of historical buildings and vacant properties.

“We have had a long-standing presence in Egypt, and we remain committed to further enhancing our portfolio in the country and supporting the growth of its tourism sector,” stated Shady Hassan, Vice President, Development – North Africa, Marriott International in the statement.

Moataz Sedky, General Manager at Travco Holidays Egypt, and Co-Chair of the Travel and Tourism Committee at the American Chamber of Commerce in Egypt, shared with Business Monthly that this project could significantly benefit Egypt’s tourism industry. “This move will not only attract travelers but will also attract companies to invest in Cairo. Cairo will be another financial hub in the Middle East,” he clarified.

He also highlighted the potential of other areas, such as Garden City, which could be transformed into investment opportunities with “beautiful palaces that could be repurposed.”

He added, “We have a shortage in capacity if we want to achieve the vision of Egypt to attract 30 million visitors by 2028. We need to build more decent 4-star hotels and regulate serviced apartments and hostels that are offered on Airbnb.”

This is not the first historical building to be transformed into a hotel. In July, TSFE announced that Moxy Cairo Downtown will be part of an adaptive reuse project of the Lazoghly building complex, formerly home to the Ministry of Interior’s offices. The complex will be repurposed to include a hotel, office and co-working spaces, retail outlets, restaurants, and edutainment facilities.

Prime Minister Mostafa Madbouly announced that regarding the tourism map in Egypt, the government foresees creating more than 200,000 new hotel rooms over the next five years, which represents a very important step toward achieving the goal of 30 million tourists annually according to a cabinet press release on August 29.

He added that the current number of available hotel rooms, both existing and operational, allows us to reach a maximum of 18 million tourists annually.

Egypt’s IPO program fuels economic growth

In a separate development, Egypt is currently progressing with its Initial Public Offering (IPO) program for state-owned companies.

Egypt’s IPO program, launched in February 2023, aims to encourage private sector participation and stimulate economic growth. As outlined in the State Ownership Policy Document, the program plans to offer 35 state-owned companies to strategic investors.

On December 11, 2024, Prime Minister Mostafa Madbouly stated that in 2025, the offering of 10 companies is expected, including shares from the United Bank of Egypt, Alexandria Bank, and Cairo Bank. He also noted that in terms of state-owned companies, several projects will be offered, including the Gabal El-Zeit Wind Station in the renewable energy sector, as well as Al-Amal Al-Sharif Plastic Company, Misr Pharmaceutical Industries, and “Seed” Pharmaceutical Industries.

These developments underscore Egypt’s commitment to revitalizing its urban landscape and attracting international investment, while also bolstering its tourism sector and economic growth through strategic initiatives and partnerships.