Egypt’s Sovereign Fund denies Tahrir Complex will be sold to investors

CAIRO: The Sovereign Fund of Egypt has denied reports that it intends to sell the Tahrir Complex (Mogamma El-Tahrir) to investors.
It said the complex was fully owned by the fund and that offering it for development, by teaming up with investors and partners, was about turning the complex into a multi-purpose building comprising a hotel, commercial, administrative and cultural elements.
It also said the development process would be based on methods that took into account the building’s historical value. This process was in line with a plan to make the most of state assets and invest in them to achieve broader opportunities, it added.
It launched the first operational steps to develop the complex by completing a prospectus and presenting it to foreign and local investors and developers.
The partnership model will be based on the fund contributing to the technical studies and surveying work, while the partner or real estate developer will contribute to the financing and other components.
The qualification process will be based on developing the building as a multi-use project.