Cairo – Mubasher: The Egyptian cabinet approved a request submitted by the Ministry of Antiquities to enter into agreement with the newly-launched sovereign wealth fund.

Under a 49-year usufruct agreement, Egypt’s sovereign wealth fund will develop Bab El-Azab (Cairo Citadel) area, according to a statement on Wednesday.

The aim of the project is renovating the 56-square metre area and establishing a cultural centre there.