Egypt prepares to implement the largest tourist, entertainment, media, and services city
Arabic - Government authorities have begun implementing basic infrastructure works for the “Nefertari Egypt” project, which is being developed on an area of up to 8,000 feddans near the Giza Pyramids and the Grand Egyptian Museum. A well-informed government source indicated that the project is expected to be tendered to real estate development companies before the end of this year.
The source revealed that the new master plan for the project aims to develop Egypt’s largest integrated city for media, arts, and entertainment production, alongside a range of tourism, hospitality, and service activities, making it one of the largest mixed-use development projects in Greater Cairo.
He noted that the project will not be limited to traditional tourism and entertainment facilities, but will instead aim to create an integrated system for media and arts production, including specialized studios and production and filming facilities, alongside entertainment, tourism, and hotel components. This is designed to support the creation of a destination capable of attracting investments across multiple sectors.
He clarified that the tender will allow the private sector to participate in developing various components of the project through partnerships or other investment mechanisms, ensuring the utilization of developers’ expertise in executing tourism, entertainment, hospitality, and media projects.
Meanwhile, the Media Center of the Cabinet announced yesterday the establishment of approximately 26,000 new companies in the first half of 2026, stating in a press release that the company formation rate from January to June 2026 rose by about 20 percent.
According to the statement, this growth reflects increasing investment activity and an expanding base of new companies, which contributes to supporting production expansion, creating more job opportunities, and enhancing the role of the private sector in the Egyptian economy.
Morgan Stanley predicted that Egypt’s tourism sector revenues would surpass the $20 billion mark in the current fiscal year 2026–2027, driven by continued growth in tourist arrivals, rising tourism earnings, and an increase in the average tourist spending.
The Central Bank of Egypt announced that it sold, on behalf of the Ministry of Finance, local treasury bills with maturities of three and nine months, totaling 142.11 billion Egyptian pounds, during Sunday’s auction. The auction proceeds exceeded the targeted liquidity collection of 105 billion pounds by approximately 35 percent.
