Egypt to offer assets on Nile River banks for private investment

CAIRO – 6 April 2023: Prime Minister Mostafa Madbouli held Thursday a meeting with the officials of The Sovereign Fund of Egypt (TSFE) to discuss offering state-owned assets – lying on the Nile River banks - for private investment.

In a related context, TSFE announced on March 28 signing a contract with Aya for Real Estate Development to lease the former headquarters of the Ministry of Interior in downtown Cairo.

The company will turn the place into office buildings, crowdsourcing center, shopping mall, branch of a French university, dorms, and three-star hotel, implementing the plan set by the fund after carrying out the necessary studies.

The goal is attracting international students, young tourists, and start-up investors, capitalizing on the complex location and size, as it consists of seven buildings stretching on 39,895 square meters.

The company will revamp the complex at LE800 million, as well as pay a fixed annual rent, and a share of profits to TSFE.