The Egyptian government plans to offer seven to eight ministerial buildings for investment in the second half of this year, according to Hala Helmy El-Said, minister of planning and economic development on 4 June.
Following the relocation of ministerial operations to the newly inaugurated buildings to the New Administrative Capital, located 45 kilometers from Cairo, the former ministerial buildings along the Nile Corniche will be available for global private sector investors.
El-Said informed Asharq Business that the government has finished studying the potential offering of the Ministry District buildings to investors. This complex, dating back to the 19th century, housed several ministries in Cairo’s Downtown area, spanning from Qasr Al-Aini Street to Ramses Street.
In January, President Abdel Fatah El-Sisi decreed the transfer of 13 state-owned buildings from public benefit ownership to the Sovereign Fund of Egypt (TSFE) for investment and development.
The transfer to the TSFE aims to facilitate various future uses, such as selling, developing, leasing, offering for utilization, investing, or forming new partnerships.
El-Said explained that offering these buildings for investments aims to generate revenue while the ownership remains with the state, similar to the Tahrir Complex being assigned to “The Marriott” hotel and the repurposing of the old Ministry of Interior building.
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