Sawiris, Sovereign Fund of Egypt to sign Bab El Azab partnership next month
INVESTMENT WATCH- Samih Sawiris, Sovereign Fund of Egypt plan to sign Bab El Azab partnership next month: Samih Sawiris and the Sovereign Fund of Egypt (SFE) are planning to sign a partnership agreement to develop the Bab El Azab area by no later than 4 February, the celebrity b’naire tells Hapi Journal. Under the agreement, Sawiris will invest alongside the SFE in a stake in a project that will involve building a museum with interactive technologies, crafts schools, theaters, and others in Bab El Azab, a historic site in Islamic Cairo. There’s a chance other investors will join in, including Al Ismaelia For Real Estate Investment — which is already on board to handle execution, Chairman Karim Shafei told the newspaper. As soon as the partnership agreement is inked, a study will be conducted to determine the project’s ownership structure, timeframe, and expected cost.
Background: The SFE received cabinet approval last month to hold the rights to renovate and develop Bab El Azab under a 49-year contract. SFE CEO Ayman Solliman told Reuters at the time that the fund is looking to Sawiris to help develop the area with total investments of EGP 2 bn. The approval came after Hapi reported in November that Sawiris is looking to invest in the project, saying he would be acting individually and not as part of Orascom Development Egypt (ODE).