Thursday 03 Apr
Engineer Mohamed Shimi, Minister of the Public Business Sector, as directed by Dr. Moustafa Madbouly, Prime Minister, held a meeting to follow up on the steps and executive procedures to achieve optimal utilization of the "Cotton Palace" building in Alexandria Governorate. The meeting was attended by a number of officials from the Ministry, the Holding Company for Tourism and Hotels, the Holding Company for Cotton, Spinning and Weaving, and representatives of relevant authorities.
The meeting reviewed the current status of the building and its debts, and developed a vision for its rehabilitation to ensure maximum utilization for tourism, hotel, and commercial activities, especially given its prime location. Appropriate solutions were also discussed to resolve related financial entanglements.
Shimi stressed the importance of developing a clear vision for optimal utilization of the building, which will contribute to enhancing tourism, hotel, and commercial activity in Alexandria Governorate and achieving sustainable economic returns. He also directed the need to expedite the evaluation procedures from a structural and financial perspective and to resolve the entanglements related to the Cotton Palace's debt.
Shimi pointed out that the ministry is working according to a comprehensive strategy that includes maximizing the use of assets belonging to public business sector companies and maximizing their returns through development plans that align with the state's efforts to attract investment, empower the private sector, and increase its contribution to the national economy. He stressed the importance of coordination with the relevant authorities to ensure the implementation of the building's utilization and development plan according to the highest quality standards.
