Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
Read Full Issue 
The Sovereign Fund of Egypt has signed an agreement with a newly-founded local real estate firm to redevelop the Interior Ministry’s former headquarters in the downtown area of Lazoghly, according to a statement (pdf) out yesterday. A Developments will invest EGP 800 mn in the project, which will repurpose the historic buildings into a tech and business hub that will include a university campus and hotel.
A Developments? Helmed by Ahmed Osman (LinkedIn), A Investments is a recently-established boutique real estate developr. As well as the Lazoghly redevelopment, it is also working on working on a residential development in Sheikh Zayed featuring 29 homes.
The developer was awarded a 25-year lease for the seven-building complex in return for paying a fixed rent and an unspecified share of the development’s eventual revenues following a bidding process launched by the SFE in April last year, the statement reads.
The first phase of the project is expected to be up and running by the end of 2023, according to the statement, which doesn’t give a timeline for further phases.
A tech hub, French university campus, and a hotel: The complex will include a tech hub and incubators, Paris business school IPAG’s first campus in the country, and a three-star hotel and serviced apartments to be operated by an unnamed international hotel operator, the statement reads. It will also host an outsourcing center and retail and office space.
The players: A Developments has hired the UK’s BDP as master planner and architect for the project, CEO Osman said in the statement. Cairo-based firm Chrome (LinkedIn) will act as the project manager and Wassef Design Office will provide engineering consultancy services.
Big ambitions: By redeveloping areas in Downtown Cairo, the SFE wants to raise annual revenues from IT exports to USD 10 bn from USD 4.9 bn in FY 2021-2022, fund head Ayman Soliman said in February.
More to come? The SFE is considering redeveloping more buildings it owns in Downtown Cairo and Zamalek — including the former youth and sports and tourism ministry buildings — to house services geared towards tech firms, Soliman said. The project is part of a wider redevelopment ofhistoricCairo led by the SFE, which includes repurposing the Mogamma El Tahrir building and the former HQ of the now-defunct National Democratic Party.
