Hesham Tawfik Public enterprise minister, announced on Tuesday, that Egypt's government is planing to restore historic buildings and turn over as many as 150 crumbling historic buildings to the private sector to refurbish and lease out for profit.
According to Tawfik, this project revitalise important tourism districts in central Cairo, Alexandria and Port Said.
Hesham Tawfik Public enterprise minister
The plan was being studied at the state Insurance Holding Co. which along with the state insurance company owns 350 buildings, 150 of which are classified as historic.
The project may doubtlessly save an eclectic mixture of neo-classical, beaux arts, artwork nouveaux, artwork deco and early trendy types constructed largely within the first half of the 20th century then nationalised within the early 1960s.
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