Minister Hala El Said Expands Development Vision Through Inspection of Misr Real Estate Assets

H.E. Dr. Hala El Said, Minister of Planning and Economic Development and Chairperson of The Sovereign Fund of Egypt, conducted a comprehensive inspection of assets owned by Misr Real Estate Asset Management Company in Alexandria. This subsidiary, affiliated with Egypt Insurance Holding Company and a key component of the sovereign fund, manages a diverse portfolio of properties.

Accompanied by Maha Abdulrazak, Acting CEO of the company, the Minister received a detailed report on the status of assets in Alexandria. The focus was on the development plan and strategies to maximize returns, highlighting the success story of the Metropolitan Hotel. This historical landmark has undergone extensive redevelopment, resulting in remarkable returns, multiplying the initial investment by over tenfold.

Dr. Hala El Said emphasized the paramount importance of optimizing the utilization of real estate assets, stressing the need for digitizing portfolio data. This initiative is set to enhance collaboration with Egypt's Sovereign Fund, ensuring efficient management of the 193 properties owned by the company in Alexandria.

In her statements, Minister El Said underscored the significance of coordination between Alexandria, the Ministry of Local Development, and the company. This collaborative approach aims to harness the full potential of the Sovereign Fund and its subsidiaries, working towards economic growth and leveraging experienced professionals for promising investment opportunities.

The overarching vision of the Sovereign Fund was reiterated during the visit, with a commitment to developing all subsidiaries under Egypt Insurance Holding. The Minister, accompanied by the Governor of Alexandria and the Minister of Local Development, conducted a thorough inspection of key sites, including the Metropolitan Hotel, Fouad Street, and the surroundings of the Greek Museum.