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Former government HQs to be offered to investors in 2H 2024: The Sovereign Fund of Egypt (SFE) will start offering 7-8 former ministerial headquarters in Downtown Cairo to investors during the second half of the year, Planning Minister and Fund chair Hala El Said told Asharq Business.
Offers have started rolling in: A number of local and foreign investors have already submitted offers for the headquarters, El Said said earlier this week.
Remember: The government transferred its ownership of a set of ministerial headquarters to the SFE earlier this year in its efforts to sell off or repurpose the properties.
Among the most memorable are the headquarters of the Foreign Ministry on the Nile Corniche, the headquarters for the ministries of trade, tourism, transport, justice, education, housing, health, supply, social solidarity, and military production.
What’s next? The ministers have been instructed to evacuate their Downtown Cairo headquarters and make the move to the new capital or another location. After that the Fund will evaluate the buildings and assess how they can be exploited, El Said added.
TO WATCH FOR-
The development of the Interior Ministry HQ: The government will within weeks sign a contract with a firm to oversee the development of the former Interior Ministry building, she said, adding that the first phase of turning the HQs into a business park and a hotel has been completed.
A new date for the Mogamma revamp: The redevelopment of the Mogamma Tahrir building into a 450-room, five-star hotel, under the brand Cairo House Hotel, is expected to be completed by December 2025, El Said said. That’s a one-year pushback from an earlier estimation.
Also in the pipeline: Nilus Hotel and Commercial Services and Nilus Residential Services received the greenlight from the cabinet to build two commercial and residential towers on the National Democratic Party’s (NDP) former headquarters. The two projects, reportedly worth a combined USD 5 bn, are due for completion in 2Q 2028.
Part of a bigger 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 said back in January. The SFE’s blueprint for the area is being drawn up alongside the European Bank for Reconstruction and Development and two other international advisers, he added.
