Egypt moves to reinvent central Cairo
The Egypt’s sovereign wealth fund is planning to reinvent central Cairo as a startup hub, while developing a new asset class around repurposing old buildings
The cornerstone of the project will be the colossal Mogamma building on Tahrir Square, formerly the headquarters of Egypt’s sprawling bureaucracy and 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, CEO Ayman Soliman said in an interview.
“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.