ArabFinance: The Sovereign Fund of Egypt (TSFE) entered into an agreement with a group of companies and an Egyptian-American consortium to transform Mogamma El Tahrir into a luxury hotel under the name of 'Cairo House' with $200 million investments, Al-Ahram Gate reported on August 10th.
The project will include around 450 hotel rooms and 50 suits. It will also include hotel apartments and an entertainment area.
The plan includes turning the area in front of the Mogamma into a shopping area that comprises malls and cafeterias.
A pyramid-like shape will be created on the façade of the building to maintain the visual identity of Cairo that connects the grandeur of the past to the development of the present.
After its completion, the project is expected to create more than 500 direct jobs, in addition to the jobs it would create during construction.