Iraqi conglomerate eyes developing land that housed Mubarak-era ruling party HQ

Iraqi conglomerate Shamara Holding is looking into partnering with Egypt’s sovereign fund (SFE) to develop the land that had housed the headquarters of former President Hosni Mubarak’s political party, according to media reports.

In 2015, Egypt demolished the burnt-out National Democratic Party (NDP) building, a concrete tower block that looms over the River Nile in Cairo, was gutted during the uprising against Mubarak’s rule in 2011.

The prime Nile-side land was transferred to the SFE earlier this year after a presidential decree that provided the fund more control over management of state assets.

The development of the land comes as part of the SFE’s planned joint revamp project for Old Cairo – including the Mogamma El Tahrir building and the downtown Interior Ministry headquarters – in cooperation with the private sector.