On Saturday, Egypt’s ministerial committee for developing and reutilizing downtown Cairo’s Tahrir compound previewed its plan of evacuating the compound, stressing that the departure must happen quickly to receive interested investors and developers.
The compound in question currently houses Egypt’s ministries of Tourism and Antiquities, Planning and Economic Development, and Housing, which will all be moved to Cairo’s New Administrative Capital by June.
The committee, headed by the Minister of Planning and Economic Development and Chairwoman of the Board of Directors of Egypt’s Sovereign Fund, Hala al-Saeed, discussed the proposed schedule of developing the compound and the recommended steps, based on studies from international consultants.
Saeed said that the sovereign fund plans to transform the compound into a business model, maximizing the state’s return from the underutilized property and ensuring financial wealth for future generations.
Saeed indicated that the ownership of the compound was transferred to the sovereign fund during the last quarter of 2020.
In October 2020, a number of Egyptian and foreign investors were invited to view the ideas put forward to develop the compound. Many specialized companies expressed interest in participating in the development of the compound.
Edited translation from Al-Masry Al-Youm
