The Sovereign Fund of Egypt (TSFE) has forged an offering memorandum for local and foreign investors and developers outlining its vision regarding developing the Mogamma building in Tahrir Square.
The fund, which has acquired the ownership of the iconic 13-storey building among others, aims to attract developers and partners to revamp the state-owned assets to increase the state’s financial resources via collaborations with domestic and foreign investors.
The fund seeks to partner up with developers and investors to finance the development process, which aims at turning the Mogamma into a multi-use building, according to the fund’s CEO Ayman Soliman.
The overhaul plan will be based on equipping the three acres-plus building for many uses, including hotel, business, administration and culture purposes, the CEO said, in order to ensure permanent returns for the state.
Soliman said that they are expected to reach an agreement with the building’s developers by the third quarter of 2021, with priority to be given to those who will come up with the shortest timeframe for the development process.
The move is part of the development scheme for historic Cairo, which aims to transform it into a touristic archaeological destination, especially with the state's plan to relocate government offices from Downtown Cairo to the New Administrative Capital.
The Mogamma has been completely evacuated, with all governmental bodies existing there having been relocated, said Planning and Economic Development Minister Hala El-Said, who chairs the TSFE.
The 70-year-old historic building was the first administrative structure that encompasses all governmental bodies.
In September 2020, the ownership of seven public buildings and their lands were transferred to the Sovereign Fund of Egypt, according to a decree by President Abdel-Fattah El-Sisi.
The buildings transferred include the Mogamma building in Tahrir Square and its land, which extends over three acres; the old administrative headquarters of the interior ministry and its land, which extends over 4.6 acres; the 3.9 acres of land of the former National Democratic Party building, which was partially damaged during the 25 January Revolution; and four other buildings located in the governorates of Cairo and Gharbiya.
The TSFE was established in accordance with Law 177 of 2018 with the aim of attracting private investments to Egypt as well as promoting and co-investing in state-owned untapped assets to maximise their value and efficiency, and to create jobs, with EGP 200 billion as capital.