The Minister of Planning and Economic Development and Chairman of the Board of Directors of the Sovereign Fund of Egypt (TSFE), Hala al-Saeed, inspected the building of Tahrir Complex in downtown Cairo to review the ongoing development, and renovation processes there.
She stated that by the end of 2025, it will become one of the most luxurious hotels in Egypt.
Saeed assured that the historical character of the building, especially its facades, will be preserved due to its registration with the National Organization for Urban Harmony.
A set of criteria have been taken into consideration regarding the development of the complex building, she said, such as the company’s financial solvency and its previous experience in developing similar buildings, in addition to conducting studies on traffic densities in the Tahrir area and other important matters.
She added that a committee comprised of the ministers of tourism, antiquities and housing have set initial standards, while international expert houses were sought to study the best uses for the Tahrir Complex building.
The sovereign fund succeeded, through the process of developing the Tahrir Complex, in attracting the American-Emirati alliance specialized in rehabilitation and development of historical buildings, she said, which is entering the Egyptian market for the first time.
The Tahrir Complex holds a special place in the hearts of Egyptians, and served as a symbol of bureaucracy in the past, Saeed noted.
With this new development it will serve as a model for good utilization of assets and the state’s ability to benefit from them, she said.
The sovereign fund is working in full force with its partners from the Egyptian and foreign private sectors and investment funds to achieve the highest returns from the assets transferred to it, the minister added.
