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Sunday, 11 April 2021

Mogamma building overhaul to be completed ASAP

And speaking of the SFE, the fund is expected to reach an agreement with a private sector partner to repurpose the Mogamma Tahrir building by 3Q2021, Planning Minister and SFE Chairperson Hala El Said said in a statement (pdf). A timeline to move forward with the project — which will see the iconic downtown Cairo building transformed into a multi-purpose attraction with an apartment hotel, commercial, and office spaces — will then be agreed with the developer, El Said said, adding that the contract will prioritize the fastest route to execution possible. The fund has issued the conditions booklet for the public-private partnership project to investors and foreign and local real estate developers, she added.

Meanwhile, SFE chief executive Ayman Soliman separately confirmed that the fund is mulling a minority stake in Amoun Pharma, Bausch Health’s unit in Egypt. Confirming previous press reports, Soliman tells Al Mal that the purchase is an attractive prospect for the SFE, and a decision is expected to be announced soon. If the SFE moves forward with the plan, the stake would be in the neighborhood of 10%, but this is still subject to the board’s final say, he added. Abu Dhabi investment arm ADQ recently acquired 100% of Amoun. The SFE and ADQ signed a partnership back in 2019 to set up a USD 20 bn joint investment platform.

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