TSFE inaugurates the first executive steps to develop the Tahrir complex

The Sovereign Fund of Egypt (TSFE) launched the first executive steps to develop and rehabilitate the Tahrir complex by completing the information memorandum and presenting it to foreign and local investors and developers.The fund aims to attract developers and partners from all over the world and to use all creative ideas from investors specializing in the rehabilitation and use of existing assets.Tahrir complex is considered a distinguished historical asset in central Cairo.This step aims to create added value for the state's assets that achieve continuous returns for future generations.
Hala El-Said, Minister of Planning and Economic Development and Chairperson of the Board of Directors of The Sovereign Fund of Egypt (TSFE) said that the process of making available the tender note for the development of the Tahrir complex comes at an appropriate time after the great success of the historic event of the "Pharaohs' Golden Parade" that passed through the Tahrir complex, which appeared distinctly.This step coincides with the completion of the entire evacuation of the complex from all government agencies that used to occupy the building.El-Said emphasized that the development of the Tahrir Complex comes within the TSFE strategy that works to develop assets, maximize their returns and preserve the rights of future generations in Egypt's wealth according to the latest scientific methods of investment.This strategy aims to achieve the highest levels of utilization of untapped assets.El-Said added that many Major Egyptian, Arab and international companies are expected to participate in the development process. “A trade-off will be made between them transparently to reach the most appropriate choice to enter into a fruitful and strong partnership that encourages other investors,” She explained.CEO of the TSFE Ayman Soliman said that the fund management succeeded in reaching the appropriate form for the targeted partnership after completing the financial studies in which specialized consulting firms participated.
He emphasized that the partnership model will be based on TSFE contribution in the original, represented in the complex, technical studies, and surveying, while the partner or real estate developer will contribute financing and other development components.He added that the qualification process will be based on developing the building to be multi-use (hotel - commercial - administrative – cultural).
An agreement with the developer is expected at the end of the third quarter of this year, provided that the timeframe for the development process will be determined in agreement with the winning developer of the project, with priority given to choosing the fastest in completion.Soliman assured that the diversification in the uses of the building will ensure a continuous return, whether from the hotel or commercial component, noting that the Tahrir area is a strong attraction for offices and companies due to its strategic location between East and West Cairo.The history of the establishment of the Tahrir complex goes back to 70 years under a royal mandate as the first administrative building that includes government offices in Egypt.The building bore the name “Government Complex,” whose name was later changed to “Tahrir Complex”. It consists of 13 floors with a construction area of 58,000 square meters, 1356 rooms in the current situation.The building was designed by the Egyptian architect Dr. M. Muhammad Kamal Ismail in 1948 and was completed in 1951, according to the modernist architectural style based on soft geometric shapes devoid of external decoration, from which Tahrir Square took its current form.