Does Egypt’s sovereign fund intend to sell the Tahrir complex to foreign investors?


2:00 pm

Friday, April 16, 2021

Books – Mahmoud Mustafa:

The Media Council of the Council of Ministers confirmed that what was published on some websites and social media pages about the intention of Egypt’s sovereign fund to sell the Tahrir complex to foreign investors is unfounded.

The Media Center of the Council of Ministers stated, in a statement, on Friday, that in contacting the Egyptian Sovereign Fund, he completely denied the news, stressing that it is not correct to sell the Tahrir complex to investors, whether Egyptian or foreign, and that the Tahrir complex is fully owned by the fund, explaining that the complex’s offering for development comes With the aim of partnering with developers and investors and not selling, as the partner’s role is to develop the complex to be a multi-purpose building (hotel-commercial-administrative-cultural), indicating that the development process will be based on an advanced method and thought commensurate with the building’s historical value, according to a plan to maximize Benefiting from the state’s assets and working to invest them in order to expand the base of available investment opportunities and maximize their returns.

In the same context, the Egypt Sovereign Fund launched the first operational steps to develop and rehabilitate the Tahrir complex by completing the information memorandum and presenting it to foreign and local investors and developers, and the partnership model will be based on the contribution of the sovereign fund originally represented in the complex, technical studies and surveying, while the partner or real estate developer will contribute to the financing. And other development components, and the qualification process will be based on developing the building to be multi-use.

The Center appealed to various media outlets and social media users to investigate accuracy and objectivity in publishing news, and to communicate with the concerned authorities to make sure before publishing information that is not based on any facts and leads to causing confusion among citizens.

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