Arab Finance: Gulf Egypt Hotels & Tourism, a subsidiary of United Real Estate Company - Kuwait (URC), has signed a protocol agreement with the Armed Forces Engineering Authority to begin developing a mixed-use destination in Heliopolis, as per an emailed press release.
Planned for a 31,780-square-meter site on Al Orouba Road, the project will combine residential, commercial, administrative, hospitality, and entertainment components under an integrated master plan. The development will occupy the company’s available land adjacent to its existing properties in the area.
Gulf Egypt is conducting technical and economic studies to determine the project’s optimal development mix in response to market conditions and East Cairo’s ongoing urban transformation. The company is also considering partnerships with strategic investors to support the development’s offerings and long-term investment value.
The destination will be anchored by the Waldorf Astoria Cairo Heliopolis and Hilton Cairo Heliopolis, extending Gulf Egypt’s existing hospitality footprint in the district.
The company is also studying the construction of a tunnel or bridge linking the two hotels with the planned development to allow movement between the properties without crossing main roads.
The project’s design is expected to draw on Heliopolis’ architectural and cultural identity while introducing a contemporary extension of the neighborhood. It also forms part of Gulf Egypt’s plans to develop integrated destinations and make greater use of its existing assets and land portfolio.
Established in Egypt in 1976, Gulf Egypt owns hospitality assets including Hilton Cairo Heliopolis and Waldorf Astoria Cairo Heliopolis, which marked the Waldorf Astoria brand’s first entry into Africa. The Heliopolis development follows the company’s launch of an integrated tourism destination in Sharm El Sheikh.
“The launch of this development marks another milestone in Gulf of Egypt’s long-term vision for Heliopolis. The neighborhood has been closely tied to the company’s hospitality journey since 1979, when our longstanding presence in the area began with one of our flagship hotels," Tarek Elshazly, CEO of Gulf Egypt for Hotels and Tourism, said. "Today, we are building on that legacy by looking ahead to develop an integrated urban destination that creates lasting value for Heliopolis while keeping pace with its continued evolution."
"We see this development as more than a standalone undertaking; it is part of a broader vision to unlock the full potential of our assets and expertise and deliver strategic developments that contribute to Heliopolis’ continued growth and reinforce its position as one of Cairo’s most prominent urban destinations,” Elshazly added.
