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Egypt's sovereign fund inks deal to develop Bab Al-Azab area

Egypt's sovereign fund inks deal to develop Bab Al-Azab area

Cairo – Mubasher: The Egyptian Supreme Council of Antiquities signed an agreement with the Sovereign Fund of Egypt to develop and manage the services at the ‘Bab Al-Azab’ area of Salah Al-Din Al-Ayyubi’s historic Citadel.

Under the deal, the historic area will be managed solely by the Council, while the operations and services will be managed by the sovereign fund, according to a statement on Tuesday.

Talks between the two parties lasted for more than six months after the cabinet’s approval on the collaboration.

This marks the first investment project for the sovereign fund in the tourism and services sectors.

This agreement reflects the Fund’s role in increasing returns on state owned assets through value accretive investments to better [utilize] Egypt’s resources for future generations,” minister of planning and economic development and chairperson of the fund, Hala El-Saeed, said.

The fund’s CEO, Ayman Soliman, said, “The fund will team up with experienced private investors to develop the Bab Al-Azab site. We will equip the buildings in the area to offer visitors and tourists a rich cultural experience that accentuates the Citadel’s historic value and highlights the pivotal events it witnessed and its role in Egypt’s modern history.

Following the rehabilitation, Bab Al-Azab area will comprise a museum with interactive technologies, a market for spices, traditional crafts and foods, a design school, a theatre for traditional and cultural arts, and a historical library.