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New public holding company to invest in development of Egypt’s monuments: PM - Daily News Egypt

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New public holding company to invest in development of Egypt’s monuments: PM

The company targets providing fund to restore and maintain monuments, says cabinet spokesperson

Prime Minister Ibrahim Mehleb (Photo courtesy of Egypt’s Cabinet)
Prime Minister Ibrahim Mehleb
(Photo courtesy of Egypt’s Cabinet)

The government has placed a strategic plan to establish a holding company to develop Egypt’s monuments, Prime Minister Ibrahim Mehleb said.

According to a cabinet statement, Hossam El-Kawish said Friday that the new holding company will work on increasing the archeological sites’ revenues. This will be a step towards providing the necessary funding for required periodic restoration and maintenance operations for monuments. The company will also work on developing the archeological models’ industry.

The company’s objectives also include spreading archeological culture, increasing archeological sites, planning with the Ministry of Tourism and governorates to add new sites to the tourist map and promote them, El-Kawish said.

El-Kawish, on the other hand, refused to reveal the company’s capital and funding sources, adding that they are still being studied, as the company will be completely affiliated with the Ministry of Antiquities.

El-Kawish added that, last Thursday, the prime minister met with the ministers of planning, tourism and culture to agree on the new company’s structure.

According to El-Kawish, the tourism sector is facing challenges such as low revenues due to the weak tourism cycle over the past years, the lack of qualified manpower and coordination with the Ministry of Tourism.

With regards to the company’s suggested organisational and administrative structure, El-Kawish declared that various subsidiary companies will be affiliated to it. They will include an institute for art, archeological models and handicrafts production, as well as exportation.  A factory to produce display windows needed for museums and a company to manage services in archeological sites, museums and marketing sites will also be affiliated to the company.

He added that Mehleb requested that Minster of Antiquities Mamdouh El-Damaty present a report about the status of museums and suspended projects, along with a geometrical and financial evaluation of these projects.


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