Egypt is preparing to offer Nile land for Gulf investments, following a similar move with coastal land. The country's Urban Development Fund has received three bids from Gulf investors to acquire prime land along the Nile River. This move is part of the government's plan to maximize the use of its assets, with 136 plots of land available for investment in Cairo and Giza.
The Urban Development Fund, led by Khaled Sadiq, is studying bids from developers and aims to launch a campaign in the next two months to promote available land. The fund has identified 110 sites along the Nile in Cairo, covering 430 feddans, and 82 sites in Giza, covering 315 feddans. These sites are expected to be attractive to investors looking to develop prime real estate.
The government's plan to offer Nile land for investment follows a similar move by the Egyptian military, which has been involved in managing Nile land since 2020. The military's involvement has led to the removal of some Nile-based activities and structures, including the infamous "Madam Ikhlas" floating restaurant. The Urban Development Fund's efforts aim to capitalize on the remaining available land.
Meanwhile, the Egyptian government has rejected a deal for British oil company BP to sell its Egyptian assets to Israel-based Energean. The rejection is attributed to national security concerns and a significant gap in capabilities between the two companies. This development may lead to Gulf investors acquiring BP's assets, as the company seeks to exit some of its Egyptian operations.
The Egyptian government is keen to increase investments in the oil sector to boost domestic gas production, amid a significant energy deficit. The rejection of the BP-Energean deal reflects the government's cautious approach to asset sales, particularly to foreign companies. Energean, however, has existing operations in Egypt, having acquired Italian assets in 2020.
The Egyptian Journalists' Syndicate has called for a meeting to discuss expanding union protection to all journalists, including online news practitioners. The move comes amid a debate over the proposed establishment of a separate entity for online news sites, which the syndicate sees as a threat to its authority. The syndicate aims to find a solution to the issue of online journalists' representation.
The meeting will discuss ways to provide legal and organizational protection to all journalists, regardless of their platform or employer. The syndicate's efforts aim to address concerns over the lack of representation for online journalists and ensure their rights are protected. The debate over online journalists' representation comes as the Egyptian government reorganizes the media landscape.
Key points
- Egypt plans to offer 136 plots of Nile land for Gulf investments.
- The government has received three bids from Gulf investors for prime Nile land.
- The Urban Development Fund aims to launch a campaign to promote available Nile land in the next two months.
