The Minister of Planning and Economic Development and Chairman of the Egypt Sovereign Fund Followsup the Development Process of the Ministry of Interior Building in Downtown Cairo

The Minister of Planning and Economic Development and Chairman of the Egypt Sovereign Fund, Dr. Hala El Said, held a meeting with the Dean of Faculty and Research at IPAG Business School Dr. Duc Khuong Nguyen, the chairman of the A Development company Dr. Magdy El-Asabgy with the attendance of the Chief Executive Director of the National Institute for Governance and Sustainable Development, Dr. Sherifa sheriff, the Chief Executive Director of the Egypt Sovereign Fund Ayman Soliman, and the Fund’s teamwork. The meeting was set to follow-up the development process of the old headquarters of the Ministry of Interior in Downtown Cairo, reviewing the stages of implementation of the project aiming to repurpose the building, creating an innovation and entrepreneurship center, a French university, creative economic arts center, and a number of 3 stars hotels to cater to the university students, and young tourists.

During the meeting, Dr. Hala El-Said said that the process of developing the old Ministry of Interior building is considered one of the important projects of the Sovereign Fund in order to  utilize the assets of the state and to benefit from it, to attract foreign investments, and to build partnerships with the private sector.

Dr. El-Said pointed out that the Sovereign Fund successfully partnered with international experts to reach a vision to utilize the old Ministry of Interior building, which entails transforming it into a complex that incorporates different innovative utilizations while preserving the unique characteristics of the Downtown Area while applying the environment sustainability standards in the process, to attract partnerships with foreign investors, international universities, and global hotels.

From his side, the Chief Executive Director of the Egypt Sovereign Fund Ayman Soliman indicated that the most important work stage was where the fund established partnerships to develop the building. He also pointed out that the Fund set some important terms for the utilization of the building and maintaining the activities, set to take place within the building walls, to generate  high revenue and have a strong impact on society, especially after deciding on establishing a branch for one of the most important universities in France, IPAG. Soliman added that after studying the market needs, it was decided to establish a couple of 3 stars hotels which will be offering proper housing for students and tourists in the area.

Meanwhile, Dean of Faculty and Research at IPAG Business School Dr. Duc Khuong Nguyen, explained that the university if interested in working in Egypt and offering quality educational services in unique fields for Egyptian youth, which offers them an affordable quality education. He added that the Egypt branch will be offering distinguished programs designed according to the needs of the Egyptian market in artificial intelligence, business management, business development, and investment.

The chairman of the A Development company, Dr. Magdy El-Asabgy said that the process for the development of the Ministry of Interior building will take place over 3 stages over the period of three years and will end in 2024. He also clarified that the IPAG University is the first to operate while the rest of the development process will continue, including the hotels, until 2025. Additionally, he stressed that the project sought a number of the biggest expert houses in the world in order to set a plan to re-utilize the building while preserving the urban character of the neighborhood while adding an aesthetic touch and meeting the sustainability requirements, so that it is one of the first environmentally friendly buildings in thedowntown area.