Planning and Culture Ministers Confer to Optimize Utilization of Ministry of Culture Assets

H.E.Dr. Hala El Said, Minister of Planning and Economic Development and Chairperson of the Sovereign Fund, convened a meeting with Dr. Nevine El Kelnay, Minister of Culture, alongside Counselor Mohamed Abazeed, Legal Counsel to the Minister of Planning and Economic Development, and Amr El Bassiouny, Chairman of the Cultural Palaces Authority, to discuss proposed strategies for maximizing the utilization of Ministry of Culture assets. These assets have become underutilized due to the ministry's relocation to the new administrative capital, as well as some buildings the ministry aims to optimize in various governorates.

Dr. Hala El Said emphasized that the Egyptian Sovereign Fund seeks, according to its establishment decision, to maximize the utilization of state-owned assets and enhance their returns. The fund is currently studying a group of Ministry of Culture assets in Cairo and the governorates to devise a strategy for their optimal use.

El Said underlined that all assets under the Sovereign Fund's study are not historically significant or listed in cultural heritage records. Most of them are buildings constructed years ago that no longer serve their original purpose, or there are new ideas for utilizing these buildings, given the urban development that has occurred in recent years.

Meanwhile, Dr. Nevine El Kelnay, Minister of Culture, highlighted the presence of several cultural sites and assets under the Ministry of Culture that can be leveraged. These include assets belonging to the General Authority for Cultural Palaces and other sectors affected by the relocation to the new administrative capital, as well as some underutilized sites in the governorates.

The Minister of Culture affirmed that efforts are underway to inventory all these assets to develop a final strategy for maximizing their investment potential.