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Monday, 8 June 2020

Sawiris talks with Sovereign Fund of Egypt to develop Bab El Azab break down

Samih Sawiris’ talks with SFE to develop Bab El Azab reportedly break down: Samih Sawiris’ plans to invest with the Sovereign Fund of Egypt (SFE) in developing the Bab El Azab landmark in Old Cairo have reportedly hit a snag, Al Mal reports, quoting unnamed government sources. It remains unclear what caused the talks to break down. The bn’aire told Hapi Journal before the covid-19 outbreak took hold that he was planning to ink an agreement by 4 February. News of him stepping away came after the fund signed last week an agreement with the Supreme Council of Antiquities (SCA) to begin shopping for private partners. The Bab El Azab revamp project involves building a museum with interactive technologies, craft schools, theaters, and other facilities near the historic site.

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