Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) has taken the first steps towards the development of the Tahrir building complex (Mogamma El-Tahrir) through completing and releasing the information memorandum to local and foreign investors and developers.

The fund aims to attract developers and partners from all over the world to upgrade and re-exploit existing assets such as the Mogamma in order to maximise returns, according to a statement released by the Ministry of Planning and Economic Development on Sunday.

Issuing the information memorandum comes at the right time following the success of the royal mummies parade which witnessed the transfer of 22 mummies from the Egyptian Museum in Tahrir to the National Museum of Civilizations in Fustat, the Minister of Planning and the Chairman of TSFE, Hala El-Saeed, said.

All government entities at the complex have already been moved, she noted. 

The fund will contribute the complex and technical studies, while the partner or the developer will contribute the funding and other development components to develop the complex into a project comprising of a hotel as well as commercial, administrative, and cultural units, the CEO of TSFE, Ayman Soliman, said.

Soliman expects the final agreement to be signed by the end of the third quarter (Q3) of 2021.

The Mogamma is a 13-storey complex, which has a building area of 58,000 square metres. It was built in 1951 and is considered one of Cairo's landmarks.