A consortium of US-based Global Ventures and Oxford Capital together with the UAE’s Al Otaiba Investment signed an EGP 3.5 billion contract to redevelop Tahrir Square’s Mogamma with the Sovereign Fund of Egypt (SFE) and the Planning Ministry,
The US-led consortium had put forth the best technical and financial offer in the tender to revamp the Mogamma, and has prior experience with renovating historic buildings in the US and Europe.
The group will develop and manage the complex, and operate it once complete.
The iconic downtown Cairo building is set to be transformed into a multi-purpose attraction with an apartment hotel as well as commercial and office spaces.
It is worth noting that the SFE also plans to launch a tender to repurpose the Interior Ministry building in downtown, which could be used as a campus for an unspecified French postgraduate university, alongside a startup incubator.