Egyptian Prime Minister Mostafa Madbouly on Wednesday defended the government's plan to offer unused state-owned lands for investment in partnership with the private sector, pushing back against criticism that the state was selling off its assets. Speaking at the weekly cabinet meeting, Madbouly addressed accusations that followed recent meetings on the development of Khedivial Cairo, Azbakeya, the Fustat Hills, and the Nile Corniche. "We were surprised by those who said, 'You are also going to sell state assets!'" Madbouly said. "The talk began as if the state was squandering its unused assets… I'd like to talk to the citizens about these points. We have assets that are abandoned or not optimally utilised, meaning land on the Nile is used as a warehouse or a public transport garage!" Madbouly explained that the government has directed a complete inventory and valuation of these lands and assets to identify investment alternatives. "These lands could be worth tens of billions of pounds, and therefore, offering them as investment opportunities in partnership with the private sector, certainly for tourist, hotel, or real estate use," he said. "Here, I'd like to pause," he continued. "The state used to be criticised for intervening instead of providing opportunities for the private sector. Today, when we offer the matter to the private sector, we are surprised by 'we are squandering the assets!'… We all agree, we can't leave assets without benefiting from them." He stressed that developing land for a project creates an operating system, job opportunities, added value, and tax revenues, making it a complex issue beyond just a simple partnership or sale. The prime minister's comments came after he chaired a meeting on Monday to review investment opportunities for vacant lands along the Nile Corniche in several Cairo districts. During that meeting, he instructed officials to expedite a comprehensive and accurate inventory and valuation of these lands to offer them as ready investment opportunities. Madbouly emphasised that the government is working to maximise the return from all unused state assets to add value to the Egyptian economy through effective management and partnerships with the private sector. He added that the vision for developing areas like Khedivial Cairo is integrated, involving complete replanning while preserving historical constants. "It is not permissible to demolish them or change their identity," he said of the historic buildings. "We are looking at international experiences on how they are re-purposed and put back to work… many streets can become pedestrian-only and serve as promenades for citizens. These are the ideas we are talking about."
