Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) and Bidayat signed a memorandum of understanding (MoU) to study the development of Bab El-Azab area of the Salah El-Din Citadel in Old Cairo into the first integrated innovation zone in the MENA region, according to a statement on Monday. 

Last year, the fund signed a contract with the Supreme Council of Antiquities (SCA) to develop the area of Bab El-Azab. Under the agreement, the council will solely manage the historic site, while the fund will develop, operate, and manage visitor services at the site.

The MoU includes developing a master plan and an economic feasibility study for the project to be submitted to the SCA for approval with the aim of creating the MENA's first integrated innovation zone in Old Cairo. 

The Minister of Planning and Economic Development and Chairman of TSFE, Hala El-Saeed, said that the Bab El-Azab development project is aimed at creating a conducive environment for foreign and local entrepreneurs to help them develop their products and brands to be competitive in the international markets. This is the fund's first investment in the tourism and cultural sectors. 

The study will be conducted by eight local and international consulting companies that will build on previous studies for the development of the historic site, the CEO of Bidayat, Ahmed El-Shaboury, said.