Madbouly: Requests from investors in the tourism sector regarding converting residential buildings into hotels
Dr. Mostafa Madbouly, Prime Minister, confirmed that there is a need and proposals regarding accelerating the establishment of more hotel rooms, noting that there are requests from investors in the tourism sector regarding converting residential buildings and buildings under construction that have a residential license within civilized cities such as Cairo and Giza into hotels, thus creating more job opportunities and increasing hotel capacities.
Dr. Mostafa Madbouly said during the press conference held today after the government meeting at the Council of Ministers headquarters in the new capital, that changing the activity of the building and converting it imposes what is known as an improvement fee, and therefore part of the government’s vision is to encourage investors to implement this matter by providing an incentive in return for the improvement, that is, exemption from payment for the improvement.
Madbouly indicated that there are government directives to the Urban Communities Authority to implement these procedures in new cities, and therefore the government will provide appropriate facilities and procedures for everyone who wishes to convert buildings and facilities for the purpose of housing into hotels, and this decision comes because establishing a hotel and converting the building into a hotel building requires large investments.
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