Mogamma El-Tahrir among assets transferred to Egypt’s sovereign wealth fund
Egypt will transfer the ownership of seven public buildings and their land plot to the Sovereign Fund of Egypt, according to a decree by President Abdel Fattah al-Sisi published on Thursday.
The buildings transferred include Mogamma building in Tahrir Square and its land over 3 acres; the old administrative headquarters of the interior ministry and its land over 4.6 acres; the 3.9 acres of land of the former National Democratic Party building that was partially damaged during the 25 January Revolution; and four other buildings located in Cairo and Gharbiya.
The move will mean that the buildings are no longer subject to public service rules.
Planning Minister Hala El-Said, Housing Minister Assem El-Gazzar, and Sovereign Fund of Egypt CEO Ayman Soliman discussed the avenues of collaboration regarding the modernisation of Downtown Cairo, as well as sanitation and water desalination projects.
During the meeting, El-Said said the cooperation with the housing ministry aims at tapping the potential of state-owned assets to increase the state’s financial resources, adding that the fund would be the general developer of these assets, with collaborations with domestic and foreign investors.
Regarding the transfer decree, El-Gazzar said the seven buildings and their plots will be used according to the requirements of the areas where they are located.
The wealth fund is about to finish the proposals for repurposing the Mogamma, which will determine its best uses, in the lead-up to inviting developers specialising in hotels, administrative, and commercial activity to contribute, along with domestic and foreign investors, Soliman added.
The wealth fund and its sub-fund for utilities and water desalination are expected to contribute to the first phase of the water desalination project that includes desalinating 1.4 million cubic metres of water with total investments of 30 billion pounds.
The housing ministry’s strategic plan aims at expanding water desalination stations in order to desalinate 6.4 million cubic metres of water, with total investments of 134.2 billion pounds.
