Rédaction Africa Links 24 with Egypt Independent
Published on 2024-03-09 10:52:31
The Minister of Planning and Economic Development and Chairman of the Board of Directors of the Sovereign Fund of Egypt (TSFE), Hala al-Saeed, recently conducted an inspection of the Tahrir Complex in downtown Cairo to oversee the ongoing development and renovation processes taking place there. The Minister expressed her vision for the complex, stating that by the end of 2025, it is expected to transform into one of the most luxurious hotels in Egypt.
One key aspect that Minister Saeed emphasized was the preservation of the historical character of the building, particularly its facades, which have been registered with the National Organization for Urban Harmony. In order to ensure the successful development of the complex, a set of criteria have been established, taking into account factors such as the financial stability of the company leading the project, their previous experience with similar developments, as well as studies on traffic patterns in the Tahrir area and other important considerations.
Furthermore, Minister Saeed highlighted the collaboration between different government ministries, including tourism, antiquities, and housing, in setting initial standards for the project. International experts have also been engaged to study the best possible uses for the Tahrir Complex building, indicating a commitment to ensuring that the development meets the highest standards of quality and utilization.
In a significant development, Minister Saeed announced that the sovereign fund had successfully attracted the American-Emirati alliance, a renowned specialist in the rehabilitation and development of historical buildings, marking their first entry into the Egyptian market. This partnership signifies a major step forward in leveraging international expertise to enhance the historical significance and cultural value of the Tahrir Complex.
Minister Saeed acknowledged the special place that the Tahrir Complex holds in the hearts of Egyptians, noting its historical significance as a symbol of bureaucracy in the past. She emphasized that with this new development, the complex will serve as a model for effective asset utilization, demonstrating the state’s capacity to derive tangible benefits from its resources.
The sovereign fund, in collaboration with its partners from the Egyptian and foreign private sectors, as well as investment funds, is dedicated to maximizing the returns from the assets under its purview. Minister Saeed reiterated the commitment of the sovereign fund to work diligently towards achieving the highest possible returns, underscoring the importance of effective asset management and strategic partnerships in realizing the full potential of the Tahrir Complex and similar projects in the future.
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