Former Egyptian Ministry of Interior to be turned into a Hotel
The Sovereign Fund of Egypt (TSFE) announced on Tuesday, March 28 that the agreement was signed for plans to transform the former Ministry of the Interior of Egypt, located in the center of Cairo, into a mixed-use complex equipped with a hotel and serviced apartments.
Estimated at EGP 800 million (USD 25.9 million), the project, to be carried out by estate developer A Developments, includes office spaces, a university campus for the Paris Business School (IPAG), a hotel, serviced apartments and a technology hub and incubator. The rebuilding of the building comes in an attempt to revitalize downtown Cairo.
Under a 25-year lease, A Developments will transform the complex with a share of the revenue, with a fixed rent going to the property’s landlord, TSFE.
“This project will redefine downtown Cairo as a unique destination for entrepreneurs and start-ups as well as young travelers,” says Minister of Planning and Economic Development and chairman of TSFE, Hala El Said, in the press release.
Downtown Cairo was once a bustling center known as the “Paris of the East.” Renovated by architects flown in from around the world, the area’s architecture was inspired by Baron Haussmann’s urban renovation of Paris in 1870. Under the direction of Khedive Ismail, the reconstruction of downtown Cairo attempted to imitate Haussmann’s Paris, which focused on the Parisian aesthetic. the buildings.
Plans to relocate the country’s ministries to the New Administrative Capital (NAC) have been underway for the past few months, and some ministries have already moved their headquarters. The NAC, known as a smart city, has a strategic location with easy access to the ring road, the Cairo-Suez road, and the Cairo-Ain El Sokhna road.
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