logo
The launch of Magra el Oyoun Arabesque Fustat Project

The launch of Magra el Oyoun Arabesque Fustat Project

Zawya19-02-2025

Cairo - Innovo can announce that Prime Minister Mostafa Madbouly, and Minister of Housing, Utilities and Urban Communities, Sherif Sherbini, have officially launched the historic Magra el Oyoun Arabesque Fustat. A transformative project, Magra el Oyoun Arabesque Fustat, celebrates Egypt's rich cultural heritage and urban modernisation and will greatly enhance urban infrastructure and drive economic growth in Cairo.
Developed by Innovo, this highly anticipated project marks a significant step in the revival of the Magra el Oyoun area in Cairo. The Arabesque Fustat project includes 79 modern buildings within the Magra el Oyoun wall, a landmark that is more than 800 years old, built during the reign of Sultan Ayun.
The project is a fusion of Egypt's cultural heritage and urban modernisation. As part of the initiative, Innovo preserved the unique character of this historic site while integrating advanced infrastructure to improve living conditions, create job opportunities, and stimulate the local economy.
Prime Minister Madbouly emphasised the importance of this project, saying: "We here celebrate the successful integration of Egypt's historical treasures with future development. The Arabesque Fustat project represents our nation's commitment to preserving our cultural heritage, while embracing the future of sustainable urban development."
Minister of Housing, Sherif Sherbini said 'The Magra el Oyoun project is not just an urban development project, but a comprehensive vision that connects ancient history with modern urban values, reflecting Egypt's aspirations toward the future while preserving its heritage.'
Mona Abdel Salam, Head of the Magra el Oyoun Authority commented on the strategic importance of the project: "These 79 buildings not only enhance the infrastructure in the area but also contribute to improvements in Cairo's urban landscape. This scheme provides modern housing while preserving the deep cultural values that distinguish our country."
Sameh Safien, General Manager, Innovo: said: "We are proud to present this project, which combines heritage and modernity, helping preserve the cultural identity of the area while promoting sustainable development and improving the quality of life for the community."
For Innovo, this landmark project marks a milestone in its ongoing mission to deliver innovative urban developments that respect Egypt's history. The firm worked closely with local authorities, heritage preservation specialists and engineers to ensure the authenticity of the site was maintained while integrating modern conveniences and the latest sustainability practices.
The project is expected to become a major destination for both tourists and residents, providing a vibrant living environment that links Egypt's ancient past with its dynamic future.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Egypt halts fertilizer production as Israeli gas disruptions deepen energy strain
Egypt halts fertilizer production as Israeli gas disruptions deepen energy strain

Zawya

timea day ago

  • Zawya

Egypt halts fertilizer production as Israeli gas disruptions deepen energy strain

Egyptian fertilizer companies halted operations on Friday due to a drop in gas imports from Israel, industry sources told Reuters. They said the gas import decline was caused by the suspension of operations at major Israeli gas fields following Israel's large-scale strikes against Iranian nuclear facilities and missile factories. The sources said Egypt's Petroleum Ministry did not provide a date for when gas supply was expected to return to normal. The ministry did not immediately respond to a Reuters request for comment. But Israel's Energy Ministry earlier said that the offshore Leviathan gas field was closed. An analyst told Reuters that a second gas field, Karish, had also halted production, while Israel's third gas field, Tamar, remained operational for now. Egyptian Prime Minister Mostafa Madbouly said that Cairo was monitoring the regional situation closely and was aiming to increase its strategic stocks of various commodities, before holding a high-level meeting with top energy officials and the central bank. In a statement, Petroleum Minister Karim Badawi said his ministry was working to ensure stable gas supplies to power stations and had already contracted gas shipments and stockpiled fuel oil, while work was under way to bring Egypt's third floating storage and regasification unit online. Madbouly said the third vessel would bring Egypt's combined regasification daily capacity to 2,250 million cubic feet, more than double last year's capacity, adding that Egypt still hopes to lease a fourth unit to be used in emergencies. Egypt had to increasingly rely on imported Israeli gas after its own production began declining in 2022. Israeli gas accounts for 40-60% of Egypt's total imported supply and about 15-20% of its consumption, data from the Joint Organisations Data Initiative (JODI) shows. Egypt signed several agreements with energy firms and trading houses this week to buy at least 150 cargoes of liquefied natural gas in the country's largest ever import purchases that will cost it over $8 billion at current prices.

Egypt: Madbouly reviews investment prospects in tourism, antiquities sectors
Egypt: Madbouly reviews investment prospects in tourism, antiquities sectors

Zawya

time2 days ago

  • Zawya

Egypt: Madbouly reviews investment prospects in tourism, antiquities sectors

Arab Finance: Prime Minister Mostafa Madbouly held a meeting to review investment opportunities in Egypt's tourism and antiquities sectors, as per a statement. The meeting was attended by Minister of Tourism and Antiquities Sherif Fathy, Minister of Investment and Foreign Trade Hassan El-Khatib, and senior officials from both ministries. Madbouly emphasized the government's efforts to define targeted investment plans aimed at boosting foreign direct investment, identifying tourism as one of the priority sectors. Meanwhile, Fathy stated that a dedicated unit is being formed to track and compile investment prospects in the sector, to build a centralized investment opportunities bank. He also reviewed the sector's investment map and outlined the government's goal of attracting 30 million tourists annually by 2031, contingent on expanding hotel capacity. According to the minister, Egypt added 7,200 hotel rooms in 2024, 55% of which are new capacity. In 2025, approximately 19,000 additional rooms are expected through a mix of new projects, expansions, and initiatives. The discussion also covered investment needs for restaurants, tourist cafeterias, and antiquities preservation. The minister noted that the Supreme Council of Antiquities has executed an average of 36 restoration projects annually over the past five years. He presented a breakdown of targeted investments across governorates through 2031, including hotel developments, restaurants, safari ventures, camps, amusement parks, and private-sector partnerships for managing archaeological sites and museums. El-Khatib noted that this was the third sectoral meeting of the day under the framework of the unified national investment strategy, which aims to attract more foreign direct investment across all sectors. He stressed the strategic importance of tourism and antiquities in light of Egypt's ambitious plans to grow visitor numbers. He added that all investment opportunities in the sector will be listed on the national investment map, along with the necessary data for potential investors. The strategy's implementation involves sector diagnoses, legislative reform proposals, clear investment targets, and a ready-to-execute project pipeline. El-Khatib also outlined the strategy's execution plan, which includes coordination meetings with relevant ministries, joint working groups, and regular progress reports to the Cabinet. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (

Egypt's PM chairs meeting on state IPO programme
Egypt's PM chairs meeting on state IPO programme

Zawya

time3 days ago

  • Zawya

Egypt's PM chairs meeting on state IPO programme

Egyptian Prime Minister Mostafa Madbouly chaired a meeting of the government offerings committee on Tuesday evening to review the implementation of the state's privatisation programme. At the start of the meeting, the prime minister noted that it was part of a series of regular meetings to follow up on the programme's progress. He affirmed the government's commitment to taking the necessary steps to enhance the private sector's role in various economic activities and increase its participation in numerous sectors, in line with the State Ownership Policy Document. Government spokesman Mohamed El-Homsany stated that the meeting addressed the implementation status of the offerings programme. He added that discussions included a review of the various timelines for the offering of a number of targeted companies in the next phase. In this context, the spokesman noted that the meeting reviewed the executive measures and steps taken by the relevant ministries and authorities to offer the targeted companies, alongside the efforts being made to prepare those firms in various sectors for public offering. The meeting also reviewed the latest developments regarding the cooperation between the Sovereign Fund of Egypt for Investment and Development, the Armed Forces' National Service Projects Organization, and a group of specialised local and international advisory firms to restructure and manage the offering of a number of companies owned by the Armed Forces. The meeting was attended by Hassan Abdalla, Governor of the Central Bank of Egypt; Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation; Mahmoud Esmat, Minister of Electricity and Renewable Energy; Mohamed Shimy, Minister of Public Business Sector; Hassan El-Khatib, Minister of Investment and Foreign Trade; and Karim Badawy, Minister of Petroleum and Mineral Resources. Yasser Sobhy, Deputy Minister of Finance for Fiscal Policies; Ramy Aboul Naga, Deputy Governor of the Central Bank; and officials from relevant ministries and the central bank also attended. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store