The Mugamma (Complex) administrative government building towering over Cairo s Tahrir Square is lit up on April 3, 2021. AFP
CairoHouse is a US consortium led by Oxford Capital Group, Global Ventures Group and Al-Otaiba Investments.
The partnership agreements were inked with the Consolidated Contractors Company (CCC), who will act as the general contractor for the rehabilitation project.
In December 2021, CairoHouse purchased the rights to repurpose the historical building for more than EGP 3.5 billion (over $180 million) from The Sovereign Fund of Egypt (TSFE).
“We look forward to seeing the Tahrir Complex after its transformation as a model for repurposing Egypt’s wealth of assets to unlock their true value,” TSFE CEO Ayman Soliman stated following Tuesday’s signing.
In September 2020, Egypt’s President Abdel-Fattah El-Sisi issued a decree cancelling the public benefit status of a number of public properties, including the El-Tahrir Complex.
The decree transferred the ownership of these public properties to the TSFE so that unexploited state buildings could be re-used.