Emirati consortium wins bid to repurpose National Party HQ land in Tahrir Square: Egypt sovereign fund

Mohamed Hamouda , Sunday 7 Jan 2024

Ayman Soliman, the CEO of The Sovereign Fund of Egypt (TSFE), recently revealed that a foreign consortium, predominantly from the United Arab Emirates, won its bid to develop the land of Egypt's National Party building in Tahrir Square.

NDP HQ
NDP HQ. Ahramonline

 

Speaking on Al Hekaya TV programme hosted by Amr Adib on MBC Egypt, Soliman disclosed that the final signing of the agreement is anticipated in the near future.

The Emirati consortium beat out three other consortiums with its bid, Soliman added.

Soliman outlined the fund's role in contributing the land as its capital share in the project. The development is expected to include a mix of hotel, commercial, residential, and serviced apartment developments.

A 2020 presidential decree canceled the public benefit status of several public properties, including the former downtown ministries headquarters.

The decree transferred the ownership of these public properties to TSFE, established in 2018 to offer and manage investment opportunities in state-owned assets.

Last Thursday, Soliman unveiled the fund’s  ambitious plans for downtown Cairo and the Ministries Square, including the establishment of 2,600 hotel rooms, the development of 15,000 square metres of green spaces, and the revitalization of historical buildings.

Currently, plans are in place to convert the seven-building complex that served as the headquarters of the Ministry of Interior for decades into a multi-purpose destination.

The new design will include a tech and business hub, a French university, serviced apartments, and a hotel as per a deal signed between TSFE and real estate development company A Developments

In December 2021, Egypt signed a deal worth more than EGP 3.5 billion with a US consortium to upgrade the 14-storey Mugamma Al-Tahrir, also owned by TSFE.

In August 2022, the consortium  — led by Oxford Capital Group, Global Ventures Group, and Al-Otaiba Investments — announced it would invest $200 million to transform the Mugamma into a luxury hotel.

 
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