Egyptian official unveils destiny of land used to house headquarters of dissolved National Democratic Party

CAIRO – 7 January 2024: Chairman of The Sovereign Fund of Egypt (TSFE) Ayman Soliman stated in a phone-in Saturday that the land that used to house the headquarters of the dissolved National Democratic Party (NDP) lying on the Nile Corniche in Cairo would be invested by a coalition comprising mostly Emirati firms.

The coalition won an auction beating three others, and it plans to build a hotel shopping mall, office building, and residential units. It is noted that the NDP's headquarters was set ablaze during the January 25 Revolution in 2011, as it was the ruling party under overthrown President Hosni Mubarak. In 2015, the building was demolished by the government.

The Sovereign Fund of Egypt (TSFE) announced in March 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.