Five Arab and Egyptian companies have submitted official requests to acquire the Ministry of Tourism building in the Abu Feda area of Zamalek, intending to convert it into hotel apartments and rooms. Sources informed the "Cairo 24" website that the submitted proposals are still under review by the fund, and no decision has been made yet. The selection process will involve comparing the proposals to choose the most suitable one that provides a good financial return for the state.
The sources indicated that the fund primarily aims to attract foreign investments and encourage joint investment in state-owned assets to maximize the value of these assets, ensuring economic sustainability that will preserve and maintain the buildings, while also generating income for future generations.
The sources confirmed that the research and studies conducted by the fund recently have shown that rehabilitating historical buildings would not only attract more tourism investments but would also resonate with a specific segment of tourists interested in staying in such properties. The fund's plan focuses on targeting leading global developers in various fields, especially those specializing in the development of historically significant buildings.
It is worth noting that the strategy of the Sovereign Fund of Egypt aims to place Egypt in the deserving position by attracting more foreign investments and ensuring investor needs are met through advanced infrastructure and economic and structural reforms that contribute to creating an attractive investment environment, ultimately ensuring the desired sustainable development.
