Egypt’s Sovereign Wealth Fund Looks to Kickstart Revamp of Downtown Cairo

A general view of Cairo, Egypt. (File photo: AFP)
A general view of Cairo, Egypt. (File photo: AFP)
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Egypt’s Sovereign Wealth Fund Looks to Kickstart Revamp of Downtown Cairo

A general view of Cairo, Egypt. (File photo: AFP)
A general view of Cairo, Egypt. (File photo: AFP)

Egypt’s sovereign wealth fund is planning to reinvent central Cairo as a start-up hub, while developing a new asset class around repurposing old buildings, as the government moves to a new capital in the desert, its chief executive said.

The cornerstone of the project will be the colossal Mogamma building on Tahrir Square, which is now emptied and awaiting redesign as a multi-use site likely to include serviced apartments, office space and food outlets.

Several consortia are competing to convert the building, which is currently owned by the fund, and the winner will be selected within days, chief executive Ayman Soliman said in an interview, Reuters reported.

“We’re advocating a master plan reimagining the entire downtown area - what we called the Khedival Cairo,” he said, a reference to the Egyptian ruler Khedive Ismail, under whom downtown Cairo was built in the 1860s and 1870s.

“Khedival Cairo is rich in buildings that are government owned.”

Soliman said key assets owned by the fund, including former interior ministry buildings a few blocks from Tahrir Square, could help create an ecosystem of start-ups, venture capital, and incubators.

The sovereign fund is also looking to develop the Nile-side site on which the headquarters of the former ruling National Democratic Party (NDP) stood, with a design that could include commercial, residential and hospitality uses.

The NDP building was burned during Egypt's 2011 uprising, then demolished. Tahrir Square itself, which was the focal point of the uprising, was recently revamped here.

The fund is working with owners, operators, developers and other investors, and could acquire some vacated government assets itself as it seeks to help transform downtown, Soliman said.

“Within five years we should have a very clear and vivid manifestation of that,” he said.

The gradual shift of government employees to the new city being built 45 km east of Cairo, currently called the New Administrative Capital, is expected to start by the end of the year.

The city, whose construction was announced in 2015, is designed to eventually house 6.5 million people to ease overcrowding in central Cairo.



Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
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Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)

The activities of the Saudi pavilion, organized by the General Authority for Military Industries (GAMI), kicked off on Monday at the International Defense Exhibition and Conference "IDEX 2025" in Abu Dhabi. This event is being held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.

Governor of GAMI Eng. Ahmad Abdulaziz Al-Ohali participated in the launch, in the presence of Lt.-Gen. Mohammad Bin Abdulrahman bin Hamed Al-Gharibi, Chief of Staff of the Royal Saudi Naval Forces, Sultan bin Abdullah Al-Angari, Saudi ambassador to the UAE, and a number of officials, international investors and decision-makers in the sector.

Al-Ohali emphasized the significance of the Kingdom's participation in IDEX 2025 as a leading global platform for showcasing the latest military technologies.

He underscored the importance of establishing international partnerships that enhance the Kingdom's defense and security capabilities.

The Saudi pavilion serves as a strategic window that reaffirms the Kingdom's commitment to developing its defense sector and strengthening national competencies, contributing to the ambitious goal of localizing over 50% of military spending by 2030, he added.

During the exhibition, GAMI signed a cooperation agreement in the field of government quality assurance with the Defense Acquisition Program Administration in South Korea.

The agreement aims to boost the assurance and reliability of defense products and services carried out under purchasing and acquisition operations, in accordance with the local laws and regulations of both sides.

The agreement reflects the mutual desire of both parties to deepen joint cooperation in the field of defense industry and technology, in a way that achieves the national interests of both countries. The two parties also intend to expand the scope of cooperation by exchanging experiences and best practices in the field of government quality assurance for defense products and services.

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030.

It is presenting the latest locally developed defense technologies across military, defense, and security industries. It features a variety of military products aimed at highlighting the capabilities of the defense and military sectors. Additionally, it presents investors with a conducive investment environment and the promising opportunities available in the sector.

In addition to GAMI and the General Authority for Defense Development (GADD), the pavilion includes the World Defense Show (WDS), along with several national companies operating in the military industries sector. The companies include the Saudi Arabian Military Industries (SAMI), the National Company for Mechanical Systems (NCMS), the Middle East Propulsion Company (MEPC), the Saudi Chemical Company Holding (SCCH), AlKorayef Group, Life Shield Military Industries (LIFE SHIELD), Emaan International, QUDRA Industrial Company, and the Saudi Company for Aircraft Maintenance and Preparation (GDC).