Financial Times FT.com

Investors seek to revive faded glory of Cairo

By Heba Saleh in Cairo

Published: September 17 2009 22:12 | Last updated: September 17 2009 22:12

Those who remember central Cairo before the 1960s speak of its gracious belle époque buildings, smart department stores and lively cafés frequented by a cosmopolitan elite of Egyptians, Europeans, Jews and Armenians.

The past 50 years, however, have been a story of decline. Socialism introduced in the 1950s impoverished the old Egyptian elite and drove out foreigners. The city centre fell into disrepair as rent control laws reduced to a pittance the incomes of landlords, who stopped investing in the upkeep of their properties.

The Talaat Harb Square's elegant facades have been decaying

Talaat Harb Square: elegant facades have been decaying for decades as the middle classes flee to gated compounds in the suburbs on the city's east and western fringes

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