Gov’t gears up to sell off or repurpose state-owned properties: President Abdel Fattah El Sisi issued a decree that will see the government transfer its ownership of a set of ministerial headquarters to the Sovereign Fund of Egypt (SFE), according to a decision published in the Official Gazette. The ministries listed under the decision will continue operating in their current buildings until they are moved to the new capital or another location, the decision read.

The buildings include several Cairo landmarks: The decision transfers the ownership of both the land and buildings of many Cairo landmarks, including the headquarters of the Foreign Ministry on the Nile Corniche. The list also includes the headquarters for the ministries of trade, tourism, transport, justice, education, housing, health, supply, social solidarity, military production, and the National Authority for Military Production, as well as units from the Local Development Ministry and the headquarters of the Green Trade Initiative.

The transfer comes as part of a larger plan to revamp Downtown Cairo: The SFE is close to finalizing its plan to revamp Downtown Cairo, with hopes to start working on the project over the coming months, SFE boss Ayman Soliman told Reuters. The SFE’s blueprint for the area is being drawn up alongside the European Bank for Reconstruction and Development and two other international advisers, and will be revealed in the coming weeks, he added.

Downtown could be set for some big changes: Soliman “did not rule out” reports that a skyscraper could be constructed on the former headquarters of the National Democratic Party next to the Egyptian Museum. The former Interior Ministry compound will be turned into a business park that will cater primarily to startups and tourism and is set to include a three-star Moxy hotel by Marriott, Soliman added.

ICYMI- An Emirati-led consortium had been awarded the bid to develop the former NDP headquarters, Soliman told El Hekaya’s Amr Adib earlier this month. However, the agreement had not yet been finalized at the time and Soliman provided no further details.

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