{"id":584304,"date":"2023-03-29T00:00:00","date_gmt":"2023-03-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/sfe-picks-developer-to-turn-lazoghly-into-a-downtown-cairo-business-and-tech-hub\/"},"modified":"2023-03-29T00:00:00","modified_gmt":"2023-03-29T00:00:00","slug":"sfe-picks-developer-to-turn-lazoghly-into-a-downtown-cairo-business-and-tech-hub","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/sfe-picks-developer-to-turn-lazoghly-into-a-downtown-cairo-business-and-tech-hub\/","title":{"rendered":"SFE picks developer to turn Lazoghly into a Downtown Cairo business and tech hub"},"content":{"rendered":"<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\">The Sovereign Fund of Egypt has signed an agreement with a <\/span><span style=\"font-weight:700\">newly-founded loca<\/span><span style=\"font-weight:700\">l <\/span><span style=\"font-weight:700\">real estate firm to redevelop the Interior Ministry\u2019s former headquarters<\/span><span> in the downtown area of Lazoghly, <\/span><span style=\"\">according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/A%20Developments%20SFE%20Downtown%20redevelopments_591.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"\"> out yesterday. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/weareadevelopments.com\/\" style=\"\">A Developments<\/a><\/span><span> will invest <\/span><span>EGP<\/span><span> 800 mn in the project, which will repurpose the historic buildings into a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/270cc6cb-4de8-4459-9989-6ec3c11caed7\" style=\"\">tech and business hub<\/a><\/span><span style=\"\"> that will include a university campus and hotel.<\/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\">A Developments?<\/span>&nbsp;Helmed by Ahmed Osman (<span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/ahmedmohosman\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"font-weight:400;\">), A Investments is a recently-established boutique real estate developr. As well as the Lazoghly redevelopment, it is also working on&nbsp;<\/span><span style=\"background-color: transparent;\">working on a residential development in Sheikh Zayed featuring 29 homes.<\/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 developer was awarded a 25-year lease for the seven-building complex<\/span><span style=\"font-weight:400;\"> in return for paying a fixed rent and an unspecified share of the development\u2019s eventual revenues following a bidding process launched by the SFE in April last year, the statement reads. <\/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 first phase of the project is expected to be up and running by the end of 2023<\/span><span style=\"font-weight:400;\">, according to the statement, which doesn\u2019t give a timeline for further phases. <\/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\">A tech hub, French university campus, and a hotel: <\/span><span style=\"\">The complex will include a tech hub and incubators, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ipag.edu\/en\" style=\"\">Paris business school IPAG\u2019s<\/a><\/span><span style=\"font-weight:400;\"> 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.<\/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 players: <\/span><span style=\"\">A Developments has hired the UK\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bdp.com\/\" style=\"\">BDP<\/a><\/span><span style=\"\"> as master planner and architect for the project, CEO Osman said in the statement. Cairo-based firm Chrome (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/company\/managedbychrome\/?originalSubdomain=eg\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">) will act as the project manager and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/wassefdesigngroup.com\/\" style=\"\">Wassef Design Office<\/a><\/span><span style=\"font-weight:400;\"> will provide engineering consultancy services.<\/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=\"\">&nbsp;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 i<\/span><span style=\"\">n February. <\/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\">More to come? <\/span><span style=\"\">The SFE is considering redeveloping more <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/270cc6cb-4de8-4459-9989-6ec3c11caed7\" style=\"\">buildings<\/a><\/span><span style=\"\"> it owns in Downtown Cairo and Zamalek \u2014  including the former youth and sports and tourism ministry buildings \u2014 to house services geared towards tech firms, Soliman said. The project is part of a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9fb83c3-20a4-45ca-a292-1bf635319fce\" style=\"\">wider redevelopment of<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9fb83c3-20a4-45ca-a292-1bf635319fce\" style=\"\">historic<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9fb83c3-20a4-45ca-a292-1bf635319fce\" style=\"\">Cairo<\/a><\/span><span style=\"\"> led by the SFE, which includes <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6a6594a-17e9-439f-923c-fa00803a7e7f\" style=\"\">repurp<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6a6594a-17e9-439f-923c-fa00803a7e7f\" style=\"\">osing the Moga<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6a6594a-17e9-439f-923c-fa00803a7e7f\" style=\"\">mma El Tahrir building<\/a><\/span><span style=\"\"> and the former HQ of the now-defunct National Democratic Party. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Investments turn Interior Ministry\u2019s Lazoghly HQ into a tech and business hub<\/p>\n","protected":false},"author":1,"featured_media":584305,"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":[7272],"tags":[72,125,83,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam","tag-investment-watch","tag-real-estate","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"2fb47ad4-68d6-4161-ad88-f03187a9490b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/618.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian developer to revamp former Interior Ministry complex, turning it into a tech and business hub","related_issue":[584293],"teaser":"A Investments turn Interior Ministry\u2019s Lazoghly HQ into a tech and business hub","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.d4d28361-de75-4478-b577-4a3656cdfcb5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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