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Egypt gives Cairo's historic downtown area major facelift

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Egypt gives Cairo's historic downtown area major facelift

2025-03-05 11:02 Last Updated At:11:57

Cairo, an iconic city in Egypt known for its rich history and vibrant culture, is undergoing a significant renovation in its downtown area as part of a broader plan to boost tourism and promote economic development.

Although the Egyptian capital was founded more than 1,000 years ago, downtown Cairo was developed in the 1800s, renowned for its European-inspired architecture.

The area's design was influenced by Baron George Haussmann's Paris urban model, with several streets circling each main square to connect the city center.

"Downtown Cairo is like an open air museum since it was built by the orders of Khedive Ismael in the 1860s," said Ashraf Reda, CEO of Arts and Culture Complex of the Helwan University.

Known as the Paris of the East, the historic downtown area is a cluster of the finest architects from across Europe.

"You might find European architecture along with the Egyptian architecture, the ancient Egyptian, the Coptic and Islamic architectures," said Osama Kamal, a higher committee member of Egyptian National Organization for Urban Harmony.

However, decades of population growth, congestion, pollution and negligence have damaged most of the beautiful buildings and architecture.

The government has recently stepped up its efforts to restore the area to its original state. The Al Sharifain Street, the first to be developed, is turned into a pedestrian zone. It houses historic buildings like Egypt's Stock Exchange and the old National Radio Broadcaster built in early 1900s.

"I've been working in downtown for more than 15 years, and the renovation is extremely important," said Yasser, a local lawyer.

The Egyptian National Organization for Urban Harmony is leading the renovation work in downtown Cairo, which houses 537 historic buildings registered as UNESCO world heritage sites.

"We start by fixing and cleaning the damaged areas, so that we can restore the area to its origins, not only the buildings, but even the spaces in-between the buildings, like alleys and pavements," said Kamal.

The restoration and renovation of downtown Cairo will cost about 200 million U.S. dollars, and is aimed at transforming the area into a vibrant touristic hub with pedestrian zones.

Art students have planned open air activities in downtown Cairo to build public support for the restoration initiative.

"Having different exhibitions here would strengthen the cultural bond with the people, and raise their awareness towards the place," said Maryam, a student from the Faculty of Arts of the Helwan University.

While international hotels will manage several historic buildings, including those at the famous Tahrir Square, other sections will be turned into open-air museums and cultural centers.

Egypt gives Cairo's historic downtown area major facelift

Egypt gives Cairo's historic downtown area major facelift

The International Monetary Fund (IMF) has lowered its global economic growth forecasts for 2026 to 3.1 percent in the World Economic Outlook (WEO) report published on Tuesday, while keeping its projection for 2027 at 3.2 percent.

This marks a deceleration from the estimated 3.4 percent growth achieved in 2025. Before the outbreak of the Middle East conflict, the bottom-up forecasts for global growth would have been 3.4 percent in 2026 and 3.2 percent in 2027.

The forecast incorporates the impact of the war and assumes that it will be limited in duration, intensity and scope, with disruptions fading by mid-2026.

Under the reference forecast, global headline inflation is expected to increase to 4.4 percent in 2026 and decline to 3.7 percent in 2027.

If the conflict and the ensuing spike in oil prices last longer, global economic growth in 2026 will fall to 2.5 percent, while global inflation will climb to 5.4 percent, according to the report.

In extreme cases, global economic growth in 2026 could drop to two percent, the report warned.

To be specific, the U.S. economy is projected to grow by 2.3 percent in 2026 and 2.1 percent in 2027, although higher trade barriers introduced since April 2025 are expected to continue to weigh on activity.

In the euro area, growth is projected to decline from 1.4 percent in 2025 to 1.1 percent in 2026 before edging up to 1.2 percent in 2027. The forecasts for 2026 and 2027 are each 0.2 percentage point lower than those compared in the January 2026 WEO Update.

The 2026 growth forecast for emerging market and developing economies is revised down by 0.3 percentage point, to 3.9 percent, while the outlook for advanced economies remains broadly unchanged. With risks still tilted to the downside since the January 2026 WEO Update, the IMF suggested a comprehensive policy package combining domestic measures with coordinated international actions to strengthen resilience and foster adaptability.

It also stated in the report that "trade restrictions play a limited role in correcting imbalances but can worsen output," and urged countries to cooperate and take coordinated actions to restore stability to international economic relations.

IMF lowers global growth forecast for 2026 to 3.1 pct

IMF lowers global growth forecast for 2026 to 3.1 pct

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