Al Ismaelia Al-Ismaelia

Al Ismaelia for Real Estate Investment invests 69 million EGP to renovate Downtown Cairo’s Iconic Building and launches Consoleya

22 June 2021


Cairo, Egypt: 22 June 2021 – Al Ismaelia for Real Estate Investment announced the renovation of the old French Consulate and the launch of its latest project Consoleya, at a press conference held at the iconic building in Downtown Cairo. Consoleya is a joint venture between Al Ismaelia for Real Estate Investment and the renowned entrepreneur Hanan Abdel Meguid. The conference was attended by Karim Shafei, Co-Founder, Chairman & CEO of Al Ismaelia, as well as Hanan Abdel Meguid, Co-Founding Partner of Consoleya.

Consoleya is a fully serviced shared office space located at the old French Consulate building in Downtown Cairo. Starting with a vision to create an engaging and versatile workspace environment at an affordable price, Consoleya aims to attract young, energetic, and tech-savvy entrepreneurs. Consoleya does not only introduce an economically strong spirit in Downtown, but also serves as an important catalyst for the city’s economic recovery.

The Consoleya is setting a new benchmark for coworking spaces in Egypt. It caters to the new remote work needs by providing a variety of plug and play spaces like dedicated offices, shared spaces, multipurpose meeting rooms and event spaces. The Consoleya experience and facilities allow small companies to act like big companies with an affordable membership cost; while allowing big companies to benefit from the shared facilities so that it fits their ever-changing work needs. There are various ways and flexible membership options to utilize and access the services at the facility, all perfectly designed and suited for individuals as well as organizations.

With a robust mission in mind to make this building highly sustainable, energy efficient, and well equipped the renovation of the building commenced in 2019 with a total investment of 69 Million. The work done included the integration of a new AC VRV system that saves about 40% of electricity than any conventional system, the integration of double-glazed doors and windows to reduce and isolate noise and heat, the use of led lights in the whole building (both inside and outside) and fully furnishing with furniture from Portugal and Italy. Finally, and most importantly, the work included applying best practices that ensure the building met all accessibility needs for everyone.

Karim Shafei, the Co-Founder, Chairman & CEO of Al Ismaelia, said: “Downtown has been the urban centre of Cairo since the 19th century. At al Ismaelia we have a vision of reviving the downtown area and re-establishing the Egyptian belle-epoque by merging historic legacy and modern culture. Since 2008, we have successfully acquired 25 buildings in Downtown Cairo, with La Viennoise being the first fully completed project, followed by Consoleya, and we are currently working on the renovation of Tamara and Café Riche.”

He added: “Since we acquired the French Consulate in 2014, we have worked tirelessly to introduce a newly designed co-working space that caters to the growing segment of passionate entrepreneurs in Egypt. We are extremely thrilled to see our vision come to reality and to create a “Downtown for all”.”

Hanan Abdel Meguid, Co-Founding partner of Consoleya commented: “We are living in a new era where entrepreneurship is disrupting the traditional ways of doing business; and thus, my vision with Consoleya is to create plug and play offices that are fully equipped, accessible for everyone’ and affordable to match the new hybrid work environment that Covid 19 has created. Aiming for Consoleya to be the perfect office experience for innovative companies and individuals.

The French Consulate is a 95-year-old landmark building designed by French architect Paul-Conin Pastour. The four-story building is distinguished by its neo-baroque aesthetic style, architecture and art. Since its construction in 1925, the Consoleya building has hosted a variety of institutional, social, cultural, artistic, and entrepreneurial events. Its famed ballroom is a favorite location for filmmakers and has witnessed the photoshoots of local and international scenes.

Al Ismaelia’s plans of reviving Downtown Cairo’s legacy and the introduction of a mixed-use quality concept to 150 years old buildings, represents an integral contribution to Egypt’s 2030 vision of achieving comprehensive sustainable development. This year, Al Ismaelia plans include the completion of a boutique hotel and the start of its operation, along with the launch of more than 25 shops, and total investments for 2021 to be around 100 Million pounds.

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