Egyptian Planning Minister Hala El-Saeed announced on Thursday that the government is considering a number of proposals for the Mogamma administrative building in Cairo’s Tahrir Square after it stops being used for bureaucratic purposes.

El-Saeed stated that Prime Minister Mostafa Madbouly had instructed the ministry to fast-track the consideration of a number of investment proposals for the building, including technical and financial visions, and to choose the best one.

In statements to Ahram Online, a source at the Egypt’s sovereign wealth fund said that ministries of planning, tourism and housing have received several proposals for the building.

It is expected to be a high-revenue project based on its location, size, and its historical nature, the source said, especially as the government’s ongoing work to improve the Downtown Cairo area is expected to raise the area’s economic status.

The fund is currently working on conducting a technical study to assess the Mogamma’s infrastructural condition, which will help it choose the most appropriate proposal, the source said.

According to the source, the fund is considering four proposals, two of which are from Egyptian investors and two from foreign investors, including Americans.

The fund is opening dialogue channels with developers and investors to reach the best vision of exploiting the building, the source said.

He added that the potential investors from the US have unique experience in such investments, including establishing one of the biggest shopping malls in Saudi Arabia.

The wealth fund will contribute to the building improvement project as a primary investor, while the selected investors will be responsible for the whole project on the ground.

According to the source, repurposing the building into a multi-functional project is on the table, which could see the building host cultural, commercial and hotel activities, as well as a shopping mall and banking services, making use of its unique location.

The Mogamma is the biggest building in the downtown area, covering an area of 26,000 square metres and including 1,356 rooms.

In 2005, the Egyptian government announced its plans to move the government departments and offices it houses outside the Cairo.

In 2016, the government resurrected the plan, with the stated aim of reducing congestion in the Downtown Cairo area.

The offices will be moved to the New Administrative Capital, which is currently under construction.