Sovereign Fund of Egypt charged with renovating, managing Bab El Azab renovations

The Sovereign Fund of Egypt received cabinet approval to hold the rights to renovate and develop the Bab El Azab area in the Salah El Din Citadel under a 49-year contract,according to a statement from the cabinet. The technical proposal for the project includes building a museum with interactive technologies, crafts schools, theater and others, Antiquities Minister Khaled El Anany said. CEO of the fund Ayman Soliman had earlier told Reuters that the fund was looking to Egyptian businessman and chairman of Orascom Development Holding, Samih Sawiris to help develop the area with total investments of EGP 2 bn.