Egypt - The Sovereign Fund of Egypt (TSFE) and Bidayat signed a memorandum of understanding (MoU) to study the development of Bab El-Azab area of the Salah El-Din Citadel in Old Cairo, a recent statement said.

This is considered the first integrated innovation zone across the MENA region, and the first investment project of the Sovereign Fund of Egypt in the tourism, cultural and service sector in cooperation with the Ministry of Tourism and Antiquities.

The development includes the restoration and revitalization of the Bab Al-Azab Zone in the citadel with the aim of providing and operating services for visitors there.

The project under study creates hundreds of direct and indirect job opportunities for the people of the surrounding area and attracts investment in various creative fields.

Bidayat’s development of the area would work on three pillars: education, providing workspaces and investing in small projects.

Alliance Law Firm provided counsel to Bidayat.

The 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 Mostafa Waziri, Secretary-General of the Supreme Council of Antiquities, and members of the boards of directors of Egypt’s SFEand its subsidiary fund, 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.

 

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