Egyptian urban regeneration firm Al Ismaelia for Real Estate Investment has received recognition from the international community following the firm’s receipt of the World Economic Forum’s Beyond Tourism Impact Stars award, the first ever to be received by any company in the Middle East and North Africa (MENA) region. The company received the award under the category of Infrastructure and Real Estate out of six companies selected worldwide due to its “Reviving Downtown Cairo” project that seeks to revive old buildings for contemporary use.
Karim Shafei of the company received the award at the Beyond Tourism event hosted by the World Economic Forum in Geneva, Switzerland. The initiative is organized jointly by the Ministry of Tourism of Saudi Arabia and Kearney, a consulting firm.
Founded in 2008, Al Ismaelia has systematically acquired and transformed 25 historic properties across the capital’s historic center. High-profile achievements include the restoration of Cinema Radio, a multi-use hub featuring offices, retail space, and performance venues; the La Viennoise Building, which hosts boutique hospitality and corporate spaces; the Nabarawy Fashion Hub, designed to showcase local independent fashion designers; and Tamara Haus, a mixed-use commercial and lifestyle property.
By integrating retail, food outlets, creative hubs, and cultural programming into heritage structures, the company creates sustainable revenue streams required for long-term architectural maintenance. This commercial ecosystem actively encourages visiting international travelers to extend their stay in the city, driving direct spending toward homegrown entrepreneurs and local enterprises.
The global recognition supports Egypt’s national strategy to diversify its tourism sector beyond traditional monuments, attracting private capital to drive economic regeneration, local job creation, and destination development. Moving forward, Al Ismaelia will participate in a year-long knowledge-sharing platform with the World Economic Forum, aiming to replicate its urban heritage conservation model across additional historic cities in the region.
