As Part of the Sovereign Fund’s Plan to Maximize Returns from Underutilized State Assets

As Part of the Sovereign Fund’s Plan to Maximize Returns from Underutilized State Assets

Engineer Hassan El-Khatib, Minister of Investment and Foreign Trade, Inspects the Development Project of the Former Ministry of Interior Building in Lazoghly The project will create 3,000 direct job opportunities and 10,000 indirect jobs, with completion scheduled for the first half of 2027. The project includes a hotel managed by Marriott International, serviced apartments, a creativity center, office and administrative spaces, retail outlets, food and beverage venues, as well as entertainment and cultural areas. El-Khatib: The project represents a practical application of the Sovereign Fund’s approach to maximizing the value of underutilized assets by transforming them into major income-generating projects that create new employment opportunities for youth. As part of the state’s plan to re-utilize public assets and maximize returns, Engineer Hassan El-Khatib, Minister of Investment and Foreign Trade, inspected the progress of Reliance for Real Estate Development’s work on the redevelopment project of the former Ministry of Interior headquarters in the Lazoghly area in Downtown Cairo. The project is considered one of the most significant initiatives of the Sovereign Fund affiliated with the Ministry of Investment and Foreign Trade, aiming to optimize the use of state-owned assets, attract foreign investment, and build partnerships with the private sector. The project aims to transform the former Ministry of Interior building in Lazoghly into a fully integrated mixed-use complex, offering a comprehensive destination that includes hospitality components such as a hotel managed by Marriott International and serviced apartments, a creativity center, office and administrative spaces, retail outlets, food and beverage venues, entertainment facilities, and dedicated areas for cultural programs and activities. These components are designed around carefully planned indoor spaces and a spacious central plaza. The development vision focuses on revitalizing a strategically located area with significant cultural and historical value in Downtown Cairo. The project seeks to introduce a new perspective on recreational, tourism, and business facilities while preserving the authenticity and cultural and historical heritage of the area. The site includes the Sharif Pasha Sabil, dating back to 1913, which adds a distinctive heritage character to the project. The architectural designs have been inspired by this rich heritage to ensure harmony with the urban and historical context of the area, while offering a modern and distinctive experience for visitors and residents. The project will feature 364 hotel rooms, 35 retail units, and administrative and recreational spaces covering 20,000 square meters. It is expected to generate 3,000 direct jobs and 10,000 indirect job opportunities, with completion planned for the first half of 2027. Engineer Hassan El-Khatib affirmed that this major project represents a practical embodiment of the Sovereign Fund’s strategy to maximize the utilization of underused assets by converting them into large-scale projects that generate income for the state and contribute to creating new job opportunities for youth. He further explained that the Sovereign Fund’s objective is not asset sales, but rather maximizing returns from state-owned assets in a manner that strengthens the state budget and safeguards the rights of future generations. For his part, Mr. Magdy Kasbagi, Chairman of the Board of Reliance for Real Estate Development, emphasized the importance of launching this landmark project in Downtown Cairo, noting that it represents a live model of an integrated complex offering a unique blend of business, entertainment, and tourism, and reflects a comprehensive vision for revitalizing Downtown Cairo and enhancing its position as a distinguished cultural and tourism destination. In the same context, Ms. Noha Khalil, Acting Chief Executive Officer of the Sovereign Fund, stated that the Fund, in cooperation with its partners and with the support of international consulting firms, has successfully developed a comprehensive vision to redevelop the former Ministry of Interior building in Lazoghly into a multi-use complex characterized by innovation while preserving the unique character of Downtown Cairo.