Egypt’s Minister of Planning witnesses the signing of MoU between TSFE and “Bedayat Misr” to develop the historical “Bab Al-Azab” area.

The project comes within the state's orientation towards a sustainable economy and the preservation of antiquities

Dr. Hala El-Said, Minister of Planning and Economic Development and Chairperson of the Board of Directors of The Sovereign Fund of Egypt (TSFE) witnessed the signing of a memorandum of understanding (MoU) between TSFE and the “Bidayat Misr” Company to study the transformation of the Bab Al-Azab area in Salah El-Din Castle into the first integrated creativity zone in the Middle East and Africa (MENA).Last year, TSFE signed a contract with the Supreme Council of Antiquities to develop, provide and operate visitor services in the archaeological Bab al-Azab area of ​​the Salah al-Din Citadel. The MoU‘s study aims to develop the general plan and economic feasibility to present it to the Supreme Council of Antiquities for approval to create the first integrated creativity zone in the Middle East and Africa in the heart of Historic Cairo, with its unique cultural depth as one of the most important World Heritage sites.The aforementioned memorandum of understanding (MoU) was signed by Amr Elhamy, Executive Director of the Egypt Sub-Fund for Tourism, Real Estate Investment and Antiquities Development, and Ahmed El Shaboury, CEO of Bidayyat Misr, in the presence of Dr. Mostafa Waziri, Secretary-General of the Supreme Council of Antiquities, members of the board of directors of the Bidayyat Investment Group, heads of advisory offices conducting the study, and a group of representatives of the heritage, creative, and business community in Egypt.The Bab al-Azab area occupies the lower part of the Salah al-Din Citadel, opposite al-Rumaila Square, a school, Sultan Hassan Mosque, and al-Rifai Mosque. For hundreds of years, Bab Al-Azab was the main entrance to the citadel until Muhammad Ali built the new door opposite the present-day Al-Hataba area.
Dr. 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 project to study the development of Bab Al-Azab aims to create a stimulating environment for Egyptian and foreign entrepreneurs and innovators, enabling them to develop their products and brands so that they can access and compete in global markets. El-Said stressed that the establishment of TSFE came within the framework of the Egyptian state’s plan to achieve the objectives of Egypt’s Vision 2030, and to increase the volume of investments and diversifying sources of financing.
 “There was a need to create a large economic entity capable through a partnership with local and international companies and institutions to increase investment and employment through the use of state assets and resources to maximize their value, give a strong impetus to development, and preserve the rights of future generations,” El-Said explained.Dr. Hala El-Said also confirmed that this step is the first investment project of TSFE in the tourism, cultural and service sector in cooperation with the Ministry of Tourism and Antiquities, which will include the restoration and revitalization of the “Bab Al-Azab” area in the Citadel to provide and operate services for visitors there.El-Said clarified that this development process came as part of a comprehensive plan aimed at rehabilitating an uninhabited area. The castle is exploited and opened to the public after its restoration and addition to the list of historical and cultural tourist attractions and destinations.El-Said expected that the project under study would create hundreds of direct and indirect job opportunities for the people of the surrounding area, attract investments in various creative fields, and create an atmosphere that contributes to preserving and developing many traditional crafts.Dr. Mostafa Waziri, Secretary-General of the Supreme Council of Antiquities, delivered a speech on behalf of Dr. Khaled al-Anani, Minister of Tourism and Antiquities, in which he affirmed the state’s interest in preserving and maintaining archaeological buildings and exploiting them in a civilized manner that respects the unique historical value and provides visitors with a distinguished experience.




He also pointed out that the Ministry of Tourism and Antiquities has adopted a new approach over the past years, which is the interest in enhancing the experience of visitors in archaeological sites and museums by adding cultural programs and recreational services to make the visit rich and enjoyable.He explained that believing in the importance of cooperation with specialized bodies with experience in providing and operating services, some fruitful partnerships were held with national authorities and private sector companies to provide and operate services in the Giza pyramids area - Baron Empan Palace in Heliopolis - Salah El-Din Castle.This is paralleled by the interest in the Citadel of Salah El-Din in the heart of Cairo, which visitors visit as the main shrine as it is the most important historical landmark of Cairo - one of the largest heritage cities registered on the list of World Heritage Sites (UNESCO), where the Citadel of Salah El-Din has played an important role in the history of Egypt throughout the ages. He also explained that the castle will begin in the coming period to restore its splendor after the completion of the restoration and maintenance work in the Mosque of Muhammad Ali Pasha, so that one can see the wonderful colorful inscriptions, the luster of the archaeological Najaf returns, and the chimes of the clock return after a hiatus of nearly 170 years.Engineer Rashid Mohamed Rashid, the founder of “Bidayyat” Investment Group, said that the project under study will restore Egypt to its natural position as one of the most important centers of innovation in the world, noting that the creative economy is one of the fastest-growing sectors in the world.Ayman Soliman, CEO of The Sovereign Fund of Egypt (TSFE), said that the fund will work alongside Bidayat and private investors through the Sub-Fund for Tourism, Real Estate Investment, and Antiquities Development, to restore and maintain archaeological or architectural buildings. He also stressed that the sub-fund aims to contribute to sustainable economic development through the management of funds and assets and the optimum utilization of them following the best international standards and rules to maximize their value and sustainability for future generations.Soliman explained that a general restoration plan will be prepared under the direct supervision of the Supreme Council of Antiquities, the revitalization of the area, and the identification of the investment components of the project, as part of the state's orientation towards a sustainable economy and the preservation of antiquities.Engineer Ahmed El Shaboury, CEO of Bidayyat Misr, indicated that the study is being carried out by 8 international and Egyptian consulting firms. He stressed that the project builds on previous studies of the Bab Al-Azab are carried out by some Egyptian heritage experts and international institutions during the past two decades.