Emaar founder Mohamed Alabbar’s recent comments about a massive investment plan to transform Downtown Cairo have sparked intense discussion across Egyptian social media platforms, since news broke earlier this week.
“Not everybody can do this. Unless you have 20 years of experience in this type of business, where you’ve built it, you’ve put your money in, made mistakes, and fixed your mistakes. Now, for Egypt we can do something that has never been seen anywhere in the world,” Alabbar said to Arabian Business.
Sources have told Arabian Business that the investment could be upwards of $15bn directly into the heart of Cairo on a mixed-use megaproject spanning around 3 million square meters.
Downtown Cairo
“This development signals a new chapter in Cairo’s urban evolution,” the source said, pointing to the project’s potential to reshape the historic district into a modern urban centre while preserving its cultural heritage.
The impact on the Egyptian capital’s economy could be transformative. According to economic projections seen by sources, the development could boost Cairo’s GDP by as much as 10 percent in the long term, with upwards of 100,000 direct and indirect jobs created.
Property market analysts suggest the surrounding areas could see significant appreciation in real estate values as the megaproject enhances the district’s appeal.
Developing downtown Cairo presents unique challenges, but Alabbar’s track record with similar projects positions him as a strong candidate for the task. His vision for the area draws parallels to Downtown Dubai’s success, which currently attracts 120 million visitors annually.
The proposed development would feature modern street planning, restaurants, and hotels.
“This project has the potential to completely redefine Cairo’s commercial landscape,” the source told Arabian Business. “We’re not just talking about a development – we’re looking at the creation of a new economic hub that could rival any major city centre in the region.”
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