Al Ismaelia for Real Estate Investment Pumps EGP 69 mn in French Consulate’s Renovations

Al Ismaelia for Real Estate Investment Pumps EGP 69 mn in French Consulate’s Renovations

Al Ismaelia for Real Estate Investment announces the inauguration of the French Consulate premises after its EGP 69mn- renovation, the company’s latest project in Cairo’s downtown area, Invest-Gate reports.

The consulate is a joint venture between Al Ismaelia for Real Estate Investment and the renowned entrepreneur Hanan Abdel Meguid. It is a fully serviced shared workspace located at the old French Consulate building in downtown Cairo. This project aims to attract young entrepreneurs and tech-savvy, as well as creating a strong economic environment in the downtown.

Additionally, the consulate has set a new standard for productivity-enhancing co-working spaces and fulfill remote working needs in Egypt by providing a variety of activity spaces, offices, shared spaces, multi-purpose meeting rooms, and fully-equipped offices to start work.

The project includes about eight meeting rooms of various sizes and equipment, two multi-purpose function rooms that are ideal for companies and entertainment exhibitions, a space for outdoor activities, and break areas available on each floor with a special corner for coffee and instant beverages that allow employees to communicate with each other. Moreover, there are various ways and flexible membership options to utilize and access the services at the facility, all perfectly designed and suited for individuals and organizations.

Furthermore, the building’s renovation commenced in 2019 with a total investment of EGP 69 mn mind to make this building highly sustainable, energy-efficient, and well equipped, which included the integration of a new AC VRV system that saves about 40% of electricity than any conventional system, the integration of double-glazed doors and windows to reduce and isolate noise and heat, the use of led lights in the whole building (both inside and outside) and fully furnishing with furniture from Portugal and Italy.

On his part, Karim Shafei, the co-founder, chairman & CEO of Al Ismaelia, says “At Al Ismaelia, we have a vision of reviving the downtown area and re-establishing the Egyptian belle-epoque by merging historic legacy and modern culture. Since 2008, we have successfully acquired 25 buildings in downtown Cairo, and we are currently working on the renovation of Tamara and Café Riche.”

Hanan Abdel Meguid, co-founding partner of the Consulate comments, “We are living in a new era where entrepreneurship is disrupting the traditional ways of doing business; and thus, my vision with the Consulate is to create plug and play offices that are fully equipped, accessible for everyone and affordable to match the new hybrid work environment that Covid 19 has created, aiming for the Consulate to be the perfect office experience for innovative companies and individuals.”

The announcement came during a press conference held at the iconic building in downtown Cairo, in the presence of Karim Shafei, co-founder, chairman, and CEO of the company, as well as Hanan Abdel Meguid, co-founding partner of the Consulate company.

It’s noteworthy that the French consulate is a 95-year-old landmark building designed by French architect Paul-Conin Pastour. Besides, Al Ismaelia plans, this year, to complete a boutique hotel and start its operation, along with the launch of more than 25 shops, and the total investments in 2021 will be around EGP 100 mn.


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