The Sovereign Fund of Egypt (TSFE) has recently presented a document of conditions for a development and repurposing project of the Ministry of Finance’s former headquarters in the downtown area, sources told Daily News Egypt.
The sources said that the fund aims to transform the building into a hub for start-ups as part of its strategic plan to transform the old headquarters of ministries into administrative buildings for start-ups, so that the downtown area becomes a regional center for startups to achieve the fund’s goal of increasing exports of technology services from $3bn to $10bn.
The current stage of the offering includes the technical offers, to be followed by the financial offers. The final decision is made and the partnership contracts are signed with the winning party by next September.
Additionally, a partnership model with the private sector will be adopted based on a fixed rent in addition to a share of the project revenues for the fund.
The sources pointed out that there are a number of real estate companies competing to develop the building and have already submitted their technical offers.
In March, TSFE, through its sub-fund for real estate investment, Egypt’s Sub-Fund for Tourism, Real Estate Investment and Antiquities Development, signed a contract to transform the Interior Ministry’s former headquarters into a sophisticated multi-use destination in the heart of the downtown area.
The project development plan includes transforming the ministry’s headquarters into the first area concerned with innovation and entrepreneurship in accordance with the best international standards, to include commercial stores, administrative offices, a branch of a French university ‘Ibagh University of Business Administration’, a global center for outsourcing services, and a hotel.
A vision and development plan were developed based on the results of studies conducted by TSFE to determine the best scenario for using and exploiting the complex, before starting the project offering process.