Arab Finance: The Sovereign Fund of Egypt (TSFE) has partnered with A Developments to transform Ministry of Interior’s former headquarter into a prime-mixed used destination, according to an emailed press release on March 28th.
The rehabilitation plan includes transforming the complex into a cutting-edge innovation and entrepreneurship district, including retail and technology hubs, incubators, office spaces, and a hotel, in addition to the first branch campus in Egypt of IPAG Business School of Paris, an International Business Process Outsourcing (BPO) hub.
A Developments won the development and repurposing of this project after a competitive bidding process launched by TSFE in April 2022.
“We are committed to reviving downtown Cairo and transforming it into an innovation and technological hub for our youth. This project is another manifestation, after Tahrir repurposing project, of TSFE’s investment strategy to preserving the city’s history while generating sustainable financial returns in partnership with leading private sector champions,” Ayman Soliman, CEO of the TSFE, said.
“The project will follow international sustainability and energy efficiency standards. The Project Manager of this Development will be CHROME and the Engineering Consultancy Services will be provided by Wassif Design Office,” Ahmed Osman, CEO of A Developments, noted.