The Sovereign Fund of Egypt (TSFE) announced on Tuesday, 28 March the signing of the agreement for plans to transform Egypt’s former Ministry of Interior, located in downtown Cairo, into a mixed-used complex equipped with a hotel and serviced apartments. Estimated at EGP 800 million (USD 25.9 million), the project, which will be undertaken by estate developer A Developments, includes office spaces, a university campus for the Business School of Paris (IPAG), a hotel, serviced apartments, technology hubs and incubators. The reconstruction of the building comes in a bid to revitalise downtown Cairo. Under a lease of 25 years, A Developments will transform the complex with a share of the revenue, and a fixed rental going to the property’s landlord, TSFE. “This project will redefine the face of downtown Cairo into a unique destination for entrepreneurs and start-ups as well as young travellers,” adds the Minister of Planning and Economic Development and TSFE’s chairperson, Hala El Said, in the press release. Downtown Cairo was once a bustling centre dubbed the “Paris of the East.” Renovated by architects flown in from all over the world, the architecture of the district was…
