Egypt’s ‘most hated building’ is soon to undergo a transfiguration, much to the surprise of the country’s citizens. The Sovereign Fund of Egypt (TSFE) signed a new partnership agreement on Tuesday, 9 August, with US-Emirati international consortium CairoHouse to transform the infamous Tahrir Square Complex Building, commonly known as Mugamma El-Tahrir, into a grand luxury hotel. Comprising United States investment and development groups, Global Ventures and Oxford Capital, as well as United Arab Emirates’ Al Otaiba Investment, CairoHouse had signed a USD 200 million (EGP 3.5 billion) contract with the Sovereign Fund and the Egyptian Ministry of Planning in December 2021. The contract followed their victory in a bid for the rights to “repurpose” the building. The bid entailed leading the development, renovation, and management of the historic complex, which had long been associated with Egypt’s bureaucracy since its establishment in 1951. According to Global Ventures Group founder, Randall Langer, the hotel is expected to be completed within 31 months, by the end of 2024. The Lebanese-owned Consolidated Contractors Company (CCC) will act as the general contractor for the project. “We are honored to cooperate with the Sovereign Fund of Egypt…
