Egypt to turn ancient government building into hotel
The Egyptian government is implementing a project to repurpose one of the oldest and most famous buildings in downtown Cairo into a mixed-use development building to achieve profits and boost tourism.
CAIRO — The Egyptian government is working to repurpose the Tahrir Complex, the most famous government building in the heart of the capital, Cairo, specifically in Tahrir Square, in order to benefit from it on several levels.
On Dec. 6, 2021, a consortium of international developers and investors, including Oxford Capital Group, Global Ventures Group and Al Otaiba Investments, signed an agreement with the Sovereign Fund of Egypt, headed by Minister of Planning and Economic Development Hala al-Saeed, to develop and repurpose the building.
The Sovereign Fund’s strategy for this project includes turning the building into a mixed-use development building (hotel, commercial center, business hub), in harmony with the nature and development efforts undertaken by the state in downtown Cairo and Khedivial Cairo.
The Sovereign Fund of Egypt is responsible for attracting private investment to the country and promoting joint investment in state-owned assets to maximize their value and support the Egyptian economy. It was established in 2018 and is managed independently by experts from the financial and business sector in accordance with a special law that allows the formation of investment partnerships.
