Hawai for Tourism and Investment, a foremost tourism development company, announced the launch of “Cairo Eye” project, the first observation wheel in Cairo and the largest wheel in Africa.
Egypt’s Ministry of Tourism & Antiquities Khaled El-Enany and Cairo governor Major-General Khaled Abdel Aaal laid the first foundation stone yesterday at the construction site of the much-awaited Cairo Eye.
In line with Egypt’s strategic development plan across sectors, the company with an initial investment of EGP500million is set to establish Egypt’s first observational wheel.
The project, set to launch next year, will be one of modern Cairo’s iconic landmarks and the next tourist destination.
The Cairo Eye standing at 120m is the same height as China’s Tjanjin Eye. It will be built at Zamalek’s Obelisk Park, ‘Hadiqat Al-Masala’ on the Eastern bank of the Nile in Zamalek, opposite the Cairo Tower.
The company’s Chairperson Ahmed El Sayed Metwally announced on Thursday that it will partly fund it by 50% while banks working in the Egyptian market will fund the remaining half.
The project will offer a unique panoramic view of the city from a distance of 50 km and welcome between 2million to 2.5 million guests annually. It will be Africa’s largest wheel and the fifth largest wheel around the world after London, Dubai, Las Vegas and Singapore.
Metwally added that negotiations with national banks are expected to be finalised in February 2021.
The first of its kind in Egypt, Cairo Eye project seeks replication in the regions of Galala Resort on the Red Sea coast at A’in Sokhna, and the city of New Alamein on the Mediterranean coast, Metwally noted. He said, according to feasibility studies, tickets for guests to the project will range between EGP 250 and EGP 350.
The project is the outcome of cooperation between various parties, including the Egyptian Tourism Promotion Authority, which falls under the Ministry of Tourism and Antiquities, and the Cairo Governorate.