In line with Egypt’s vision – represented by the Egypt Sovereign Fund – to reuse its assets, attract more foreign investment and develop the Downtown area in Cairo as one of the most prominent tourist attraction spots, CairoHouse signed a number of partnership agreements today to start the development and rehabilitation process of Al Tahrir Complex building to transform it to an iconic hospitality destination in the heart of Cairo with a total investment of more than USD 200 million. CairoHouse is the collaboration of an international consortium of developers and investors led by Oxford Capital Group, Global Ventures Group and Al Otaiba Investments.
The partnership agreements were signed with the Consolidated Contractors Company (CCC) as the general contractor for the project, CHROME being the chrome project management arm, and RMC for engineering solutions.
The partnership agreements were signed by Mr. Randall Langer, Partner and Co-founder of Augustus Global Ventures representing CairoHouse consortium, Eng. Mohamed Tarek Kamel, Area Managing Director, North Africa at the Consolidated Contractors Company (CCC), Eng. Ahmed Osman, CEO of CHROM company, and Eng. Sherif Gamal, Partner of RMC.
Mr. Ayman Soliman, CEO of The Sovereign Fund of Egypt, said:
“We are glad to have this selection of leading companies as partners for the execution of the Tahrir Complex rehabilitation project. We are confident in their ability to implement the project in accordance with the highest international standards and specifications under the management of CairoHouse. We look forward to seeing the Tahrir Complex after its transformation as a model for repurposing Egypt’s wealth of assets to unlock their true value.”
Being the first of its kind in Egypt and the region, CairoHouse is designed by Chicago-based architect RATIO|smdp and is planned to include over 450 luxury lifestyle hotel rooms and serviced apartments, multiple world-class dining and entertainment venues, and meeting and events spaces, including Cairo’s largest rooftop venue. Inspired by LondonHouse in Chicago as one of the most iconic and successful hospitality projects in the US, CairoHouse will be a catalyst for a reimagined Downtown Cairo and future investment in the Egyptian economy. The project will provide nearly 500 job opportunities.
Randall Langer, Partner and Co-founder of Augustus Global Ventures commented on the ceremony saying
“We are honored to be working with The Sovereign Fund of Egypt on this international landmark and local treasure. We are proud of the entire team of companies that have come together to ensure the successful implementation of this iconic development.”
Eng. Mohamed Tarek Kamel, Area Managing Director, North Africa at the Consolidated Contractors Company (CCC), said he was proud that CCC is part of this iconic project explaining
“The company has a long history and a track record of successful projects in the Egyptian market for more than 25 years across different sectors. We are proud to be selected as the general contractor of this significant project as we work to develop the iconic Al Tahrir Complex building, which will represent a paradigm shift in the development of the downtown area.”
On his side, Eng. Ahmed Osman, CEO of CHROME said,
“The collaboration with CairoHouse to develop Al Tahrir Complex is another key milestone in our portfolio of projects. Being selected by the American consortium to manage this project is a testament to the efficiency of Egyptian companies and its ability to offer world-class services and the consortium’s trust in the Egyptian economy and its potential despite the current international circumstances.”