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Al-Ahram Weekly 26 Aug. - 1 Sep. 1999 Issue No. 444 
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Published in Cairo by AL-AHRAM established in 1875 |
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Al-Ahram Weekly 26 Aug. - 1 Sep. 1999 Issue No. 444
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| Published in Cairo by AL-AHRAM established in 1875 |
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Egypt Region International Economy Opinion Focus Culture Features Profile Travel Living Sports People Time Out Chronicles Cartoons Letters Bankers, pashas and builders
By Gihan Shahine
Eclectic may have been the best way to describe the area surrounding the Cairo Stock Exchange, or Bourse, a few months ago. But the picture is changing quickly. A major facelift is well underway to resurrect the century-old beauty of a 60,000 square-metre section of downtown Cairo, while preserving its Italianate architecture, introduced by Khedive Ismail. The plastic surgeons are Dar Al-Handasa, which laid down the master plans in cooperation with urban planner Ahmed Atta, and the Arab Contractors, the construction giant carrying out those plans.
Work started in May, and the developers are adamant that the area -- which extends north from Sherif to Talaat Harb streets, and east from Sabri Abu Alam to Qasr Al-Nil streets -- will be all decked out by 30 August and ready for inauguration next month. With the help of 16 engineers, 54 technicians and 450 workers toiling around the clock, their predictions may well be realised.
"We have been working day and night to finish the work and, of course, advanced technology was a major help," explains Mohamed Saad Ali, the Arab Contractors engineer in charge. Ali is busy supervising and giving orders. Wiping his forehead -- it's a hot day -- he adds: "This place is of major significance. In addition to its historical and architectural value, it is the destination of businessmen and important personalities who come here from all over the world to do business in the Stock Exchange. It's very important that the commercial and financial centre of the city be up to standard."
Even the piles of cement and stones, heaps of mud and bricks, and tangles of cranes and scaffolding can't cover the major changes that the Bourse area is undergoing. Shacks, street vendors and piles of garbage have been removed, and the area's infrastructure has been upgraded. Pedestrians can soon enjoy a safe and leisurely walk down Al-Sherifein Street, where the Stock Exchange building is located, as well as in three other side streets. All four will be closed to motorised traffic. Other streets will also feature tiled passageways for pedestrians, with small lamp-posts separating them from the road proper, which will be used by motorists heading to the Stock Exchange or delivering fresh supplies to shops located in the area.
All the streets are already dotted with 19th-century-style lamp-posts, and will be furnished with flower-beds, greenery, and huge outdoor screens keeping businessmen and agents up-to-date on developments in world financial markets. Screens will also be installed in an adjacent coffee-shop and on an entire floor in a nearby building. A parking area will accommodate 75 cars.
Architecture has been a major concern in this development drive. "The decaying, grime-clad façades of almost all the buildings in the area have been restored, using almost identical off-white paint to create architectural harmony," Ali points out. "Such former eyesores as wall ads and neon signs, which marred the grandiose nature of the area, have been removed and shop windows will also be redesigned to conform to the style of the area."
Most of the edifices, built at the turn of the century, feature a blend of neo-classic, baroque, rococo and Art Nouveau styles, and share such typical details as ironwork and French windows.
The district is also home to significant architectural and historical landmarks, which, officials boast, have been "restored to their original beauty".
The Bourse, a neo-baroque construction built between 1906 and 1913, has already been restored; so have the former offices of Radio Cairo. Also scheduled for restoration are the National and Central Bank buildings on Sherif Street, and the baroque Cosmopolitan Hotel, built in 1902.
The project is the brainchild of Talaat Hammad, minister of state for cabinet affairs. Funding, to the tune of LE6 million, was provided by the Arab Contractors and businessman Rami Lakah. A committee of businessmen, 'Friends of the Exchange', was formed to enforce building codes and follow up on maintenance.
Attiya Mohamed El-Naggar, the 70-year-old resident of a 95-year-old apartment block on Al-Sherifein Street, is happy with the change. Construction workers used her balcony to access the building's façades during restoration work. El-Naggar's only disappointment is that confining the street to pedestrians will force her to walk -- which, at her age, is a "big nuisance".
"The district is calmer and more elegant than before, I have to admit," she says, smiling. A shop-owner is even happier because his shop's value jumped from LE100,000 to LE600,000 once renovation work began.
Some restoration experts, however, may think differently. "The restoration of the Stock Exchange district is no doubt a positive step that may be applied elsewhere downtown," concedes Salah Lam'i. "Still, restoration in general, is a fine art that should be handled by specialised and professional restorers and the younger generations of skilled artisans. Today, this type of specialisation is very rare. As a result, many edifices have been poorly restored and maintained. Maintenance, public awareness of architectural values and residents' participation in decision-making are of paramount importance for any development project to succeed."
(photo:Randa Shaath )
