This paper examines the contested spatiality within Cairo's European Quarter in relation to various heritage inventories, official urban conservation approaches, real estate activities and local peoples'interests. It explores restoration and rehabilitation within Cairo's downtown which involved pedestrianisation of public spaces and architectural conservation and adaptive reuse of belle-époque buildings.Informal discussions and in-depth interviews were administered within the Stock Exchange Quarter with both primary stakeholders (local residents, shop owners, street vendors, urban youth) and secondary stakeholder agencies (local municipality, planners, entrepreneurs and a local NGO). Official rehabilitation has favoured more technical aspects of restoration of belle-époque buildings for future tourism, rather than enhancing the area's socio-cultural characteristics. The prohibition against community reuse of some buildings is a major barrier to rehabilitation. The paper advocates heritage management to safeguard Cairo's European Quarter which integrates everyday community activities with new commercial uses and tourism functions, so perpetuating the built environment heritage and involving grass-roots cooperation between local stakeholder groups.The article presents in the first section a theoretical review related to the conservation and rehabilitation of historical districts, heritage management and contested urban spaces. The paper then explores the impact of the pedestrianisation since 2001 of the Stock Exchange Sector on various stakeholders. Based on partnership between the private investors and public service providers, this project was launched to revive Cairo's Central Business District and to encourage tourism. It involved the conversion of several streets into pedestrian areas, the installation of street furniture, and landscaping as well as the restoration of building facades. A survey was carried out within the Stock Exchange Sector during early 2006 employing qualitative ethnographic techniques involving informal discussions and interviews with various stakeholder agencies (Cairo municipality, planners, residents, urban youth, etc.). Issues related to local involvement in the project were raised in relation to property speculation, urban heritage policy and tourism, the management of the built environment and local quality of life.