• Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022.
    Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022.
  • Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022. Hawai
    Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022. Hawai
  • The 500 million EGP Cairo Eye development will cover a 20,000-square-metre area. Hawai
    The 500 million EGP Cairo Eye development will cover a 20,000-square-metre area. Hawai
  • The 120-metre wheel with 48 cabins will be the fifth largest around the world. Hawai
    The 120-metre wheel with 48 cabins will be the fifth largest around the world. Hawai
  • Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022. Hawai
    Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022. Hawai
  • Opponents said they are concerned about the effects on traffic, the environment and the site’s heritage. Hawai
    Opponents said they are concerned about the effects on traffic, the environment and the site’s heritage. Hawai
  • Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022. Hawai
    Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022. Hawai
  • Ahmed Metwally, chairman at Hawai Holding Group, said he cares about Zamalek. Hawai
    Ahmed Metwally, chairman at Hawai Holding Group, said he cares about Zamalek. Hawai
  • Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022. Hawai
    Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022. Hawai
  • Targeting 2.5 million visitors annually, the eye will offer a view overlooking Cairo’s landmarks up to a distance of 50 kilometres. Hawai
    Targeting 2.5 million visitors annually, the eye will offer a view overlooking Cairo’s landmarks up to a distance of 50 kilometres. Hawai
  • Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022.
    Cairo Eye, a 120-metre Ferris wheel, will be built in a park on the island of Zamalek and is scheduled to open in 2022.
  • An illustration of Zamalek in 1897 from the 2013 book "Zamalek: My Home Island" by Wael Abed
    An illustration of Zamalek in 1897 from the 2013 book "Zamalek: My Home Island" by Wael Abed
  • Ahmed Metwally, chairman of Hawai Holding, a family-owned real estate and tourism development company. Courtesy Ahmed Metwally
    Ahmed Metwally, chairman of Hawai Holding, a family-owned real estate and tourism development company. Courtesy Ahmed Metwally
  • Dalia Sadany, architect and member of the Egyptian parliament's committee for media, culture and antiquities. Courtesy Dalia Sadany
    Dalia Sadany, architect and member of the Egyptian parliament's committee for media, culture and antiquities. Courtesy Dalia Sadany
  • Al Masalah (obelisk) park in Zamalek. Nada El Sawy / The National
    Al Masalah (obelisk) park in Zamalek. Nada El Sawy / The National
  • Al Masalah (obelisk) park in Zamalek. Nada El Sawy / The National
    Al Masalah (obelisk) park in Zamalek. Nada El Sawy / The National
  • Al Masalah (obelisk) park in Zamalek. Nada El Sawy / The National
    Al Masalah (obelisk) park in Zamalek. Nada El Sawy / The National

Developer says controversial Cairo Eye project will go ahead


Nada El Sawy
  • English
  • Arabic

The developer of the Cairo Eye project said construction of the giant Ferris wheel on the small island district of Zamalek would continue, despite an outcry over the project.

"We are focused on the work," Hawai Holding Group chairman Ahmed Metwally told The National. "We care very much about the project, we care very much about Zamalek."

Scheduled to be completed at the end of next year, the 500 million Egyptian pound ($31.9m) development will cover 20,000 square metres and will include shops, restaurants, an events hall, a boat deck and a 500-car car park.

The 120-metre wheel with 48 cabins will be the fifth largest in the world after similar attractions in London, Dubai, Las Vegas and Singapore. Officials hope the project will attract 2.5 million visitors annually and it will offer a view overlooking some of Cairo's landmarks.

But since last month, when Hawai announced that the Cairo Eye would be built in the historic Al Masalah Garden in Zamalek, the project has stirred up controversy.

Critics, who include residents, MPs, public officials, community groups and urban planners, said they were concerned about the effect the project would have on traffic, the environment and the site's heritage.

Many people lamented the choice of location in the heart of Cairo, falling between two main bridges connecting Zamalek to the city centre.

More than 7,300 people signed a petition addressed to Egyptian President Abdel Fattah El Sisi suggesting alternate areas for the project.

Zamalek, about 1 kilometre wide and 4km long, is a residential area already densely populated and is home to academic institutions, two large sports clubs, restaurants, hotels, the Cairo Opera House and the Cairo Tower.

“Zamalek at this point is full with its residents and full with its 36 universities and schools, full with its many banks and companies, and its restaurants and cafes along the busy 26th of July corridor,” said Ali Kenawi, a 64-year-old retired physician who signed the petition.

“It used to be a quiet place … now it’s changed from an atmosphere of gardens to an atmosphere of combustible fuels."

Mr Metwally said environmental and traffic studies for the project were conducted over the past 18 months.

The design will increase the total green area from 6,100 square metres to 6,900 square metres, and traffic will be eased by the Cairo Eye Nile Taxi and Cairo Eye buses, he said.

“No one is going to do a project that’s half a billion Egyptian pounds without studying it properly,” Mr Metwally said.

The start of construction was marked by a ceremony on January 21 at which the foundation stone was laid.

The event was attended by several government officials, including the Presidential Advisor for Urban Planning Amir Sayed Ahmed, Minister of Tourism and Antiquities Khaled El Enany and Cairo Governor Khaled Abdel Aal.

A few days later, MP Shaima Halawa submitted a request for further studies into potential problems arising from the project. On February 4, the head of the parliament's tourism committee, Nora Ali, asked Mr El Enany to move the wheel to another location.

Dalia Sadany, an architect and member of the parliamentary committee for media, culture and antiquities, also questioned Mr El Enany about the project in a parliamentary session.

“I’m not against the project. I’m against the location,” she said in the video posted on her LinkedIn profile.

She referred to specific laws pertaining to restrictions in Zamalek and protecting a garden of historical heritage.

In response, Mr El Enany said the project did not fall under the Ministry of Tourism's jurisdiction and if it was presented to him, he would not give it a licence.

Amr Moussa, former secretary general of the Arab League, also expressed his opposition to the project in a Facebook post on February 6.

“With all due respect to those who spoke against the project, there is nothing between us and them having to do with licences or approvals. This is land belonging to the governorate of Cairo” Mr Metwally said.

Hawai, a family-owned property and tourism development company established in 1973, operates in Egypt, Albania, Kosovo, Montenegro, Tanzania and Zambia. Its previous projects in Egypt include a couple of residential compounds and a shopping mall in New Cairo.

While Mr Metwally said Hawai secured a contract with the governorate, Ms Sadany claimed the company did not obtain the necessary approval or submit studies to the relevant governmental bodies.

The project was not presented to the National Organisation for Urban Harmony or the Ministry of Environment, according to news reports.

"This location will be very congested, there will be traffic problems, there will be visual pollution," Ms Sadany told The National.

“It has so many downsides, in addition to the environmental element and the need to preserve something that has a history from the time of the Khedive.”

Dalia Sadany, architect and member of the Egyptian parliament's committee for media, culture and antiquities.
Dalia Sadany, architect and member of the Egyptian parliament's committee for media, culture and antiquities.

Khedive Ismail, who served as viceroy of Egypt from 1863 to 1879 under Turkish rule, built the lavish Gezira Palace and surrounding gardens on the island. The palace has since been incorporated into the Cairo Marriott Hotel and the gardens were divided into allotments.

"This was a very residential and very green area. Now it is becoming less and less green and less and less liveable," said Yasmine El Dorghamy, founder of Rawi, a bilingual magazine about Egypt's history and heritage.

Mr Metwally said Zamalek was chosen because people who rise in the Cairo Eye will be able to see more than 12 tourist spots, including the Cairo Citadel, the Cairo Opera House and the Pyramids.

“The giant Ferris wheel has a certain purpose. Tourists and visitors ride it to see the landmarks, not to swing in it. So it has to be in a place with an open view, where you see a lot of landmarks,” he said.

In response to the suggestion that the 187-metre Cairo Tower essentially shows the same view, Mr Metwally said the Cairo Eye would be different because an integrated sound system would describe the history of the landmarks in seven languages.

He responded to claims that Egypt already has enough tourist sites to attract visitors by saying the Cairo Eye will be "something like relaxation at the end of the day" for citizens and tourists alike.

“This is something that adds value to the Egyptian tourist map,” he said.

But for critics the Cairo Eye comes at too high a price.

“I’m not letting go of this – not me, nor the parliament,” Ms Sadany said. “Eighty per cent of the parliament agrees that the location is catastrophic.”

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The biog

Name: Greg Heinricks

From: Alberta, western Canada

Record fish: 56kg sailfish

Member of: International Game Fish Association

Company: Arabian Divers and Sportfishing Charters

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Christopher%20McQuarrie%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tom%20Cruise%2C%20Hayley%20Atwell%2C%20Pom%20Klementieff%2C%20Simon%20Pegg%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
AIDA%20RETURNS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAida%20Abboud%2C%20Carol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5.%2F5%3C%2Fp%3E%0A
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 

THE SPECS

Engine: 1.6-litre turbo

Transmission: six-speed automatic

Power: 165hp

Torque: 240Nm

Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)

On sale: Now

UAE currency: the story behind the money in your pockets
Stage result

1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09

2. Caleb Ewan (AUS) Lotto-Soudal

3. Rudy Barbier (FRA) Israel Start-Up Nation

4. Dylan Groenewegen (NED) Jumbo-Visma

5. Luka Mezgec (SLO) Mitchelton-Scott

6. Alberto Dainese (ITA) Sunweb

7. Jakub Mareczko (ITA) CCC

8. Max Walscheid (GER) NTT

9. José Rojas (ESP) Movistar

10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

UFC Fight Night 2

1am – Early prelims

2am – Prelims

4am-7am – Main card

7:30am-9am – press cons

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

UAE currency: the story behind the money in your pockets
Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

Thor: Ragnarok

Dir: Taika Waititi

Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson

Four stars