{"id":581540,"date":"2023-02-15T00:00:00","date_gmt":"2023-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/sfe-wants-to-turn-old-downtown-ministry-buildings-into-tech-office-space\/"},"modified":"2023-02-15T00:00:00","modified_gmt":"2023-02-15T00:00:00","slug":"sfe-wants-to-turn-old-downtown-ministry-buildings-into-tech-office-space","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/sfe-wants-to-turn-old-downtown-ministry-buildings-into-tech-office-space\/","title":{"rendered":"SFE wants to turn old Downtown ministry buildings into tech office space"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">SMART POLICY- The SFE wants more tech space Downtown:<\/span><span style=\"\"> The Sovereign Fund of Egypt <\/span><span>(SFE) plans to use several buildings in Downtown Cairo and Zamalek to create a new hub for <\/span><span style=\"\">tech businesses, fund head Ayman Soliman told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.asharqbusiness.com\/article\/47137\/%D9%85%D8%B5%D8%B1-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AF%D9%8A-%D9%8A%D8%AE%D8%B7%D8%B7-%D9%84%D8%AA%D8%AD%D9%88%D9%8A%D9%84-%D9%88%D8%B3%D8%B7-%D8%A7%D9%84%D8%A8%D9%84%D8%AF-%D9%84%D9%85%D9%86%D8%B7%D9%82%D8%A9-%D8%AA%D9%83%D9%86%D9%88%D9%84%D9%88%D8%AC%D9%8A%D8%A9-%D9%88%D8%AD%D8%A7%D8%B6%D9%86%D8%A9-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D9%86%D8%A7%D8%B4%D8%A6%D8%A9\/\" style=\"\">Asharq Business<\/a><\/span><span style=\"\"> earlier this week. The fund is looking to collaborate with private-sector firms to repurpose <\/span><span style=\"\">the old interior, youth and sports, and tourism ministry buildings<\/span><span style=\"font-weight:400;\"> to house services geared towards tech firms, he said. This includes IT services, startup incubation, and training, as well as business process outsourcing.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Companies have already shown interest:<\/span><span style=\"font-weight:400;\"> \u201cWe have major companies interested in contributing to this project, and we have signed contracts,\" he said, speaking on the sidelines of the World Government Summit in Dubai. \u201cWe have specific partners who have submitted feasibility studies\u201d for the development of the buildings, he said. Soliman did not disclose how much the project might cost, how it will be funded or over what timeframe it will be done.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The SFE had been planning a Garden City incubator:<\/span><span style=\"\"> Soliman<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/enterprise.press\/stories\/2022\/04\/10\/sfe-plans-two-investments-in-financial-inclusion-nbfs-sectors-68797\/&sa=D&source=editors&ust=1677377061808945&usg=AOvVaw354d1-gZsJJGgIH1dXYiNL\" style=\"\">last summer said<\/a><\/span><span style=\"\"> the fund <\/span><span style=\"font-weight:400;\">expected to sign an agreement with a consortium of Egyptian and international companies interested in turning space formerly owned by the Interior Ministry in Garden City into a startup incubator, a call center, and a campus for a French university not currently operating in Egypt. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Big ambitions:<\/span><span style=\"\"> The SFE thinks the project could raise annual revenues from IT exports to USD 10 bn, Soliman said, from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/mcit.gov.eg\/en\/Media_Center\/Press_Room\/Press_Releases\/66572&sa=D&source=editors&ust=1677377061809634&usg=AOvVaw2BEQCM14cxY5VjSlRPJ8lY\" style=\"\">U<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/mcit.gov.eg\/en\/Media_Center\/Press_Room\/Press_Releases\/66572&sa=D&source=editors&ust=1677377061809926&usg=AOvVaw0owXNKBd3m-g69LUOg1RXn\" style=\"\">SD 4.9 bn<\/a><\/span><span style=\"font-weight:400;\"> in FY 2021-2022.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Reminder<\/span><span style=\"font-weight:700\">: <\/span><span style=\"\">An overhaul of the ministry buildings cannot begin until the ministries relocate to the new capital, which is due to finish by the end of March, the head of the city\u2019s chief developer told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=http:\/\/bit.ly\/3RXS55Q&sa=D&source=editors&ust=1677377061810443&usg=AOvVaw2hWULbn9c0maBAMpNO0y9l\" style=\"\">Al Arabiya<\/a><\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">last month. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fund to collaborate with private sector to repurpose old ministries\u2019 buildings<\/p>\n","protected":false},"author":1,"featured_media":581541,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36],"tags":[369,72,370,7448],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","tag-ayman-soliman","tag-enterpriseam","tag-sovereign-fund-of-egypt","tag-tech","wpautop","entry"],"acf":{"mongo_id":"270cc6cb-4de8-4459-9989-6ec3c11caed7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/Downtown-Cairo-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581530],"teaser":"The fund to collaborate with private sector to repurpose old ministries\u2019 buildings","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.23a2dac1-bcd1-46cb-9c07-6b2e5cf53497.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SFE wants to turn old Downtown ministry buildings into tech office space - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/sfe-wants-to-turn-old-downtown-ministry-buildings-into-tech-office-space\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SFE wants to turn old Downtown ministry buildings into tech office space\" \/>\n<meta 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