Egypt: Cabinet Denies Selling Mogamma Building to Foreign Investors

The Cabinet's media center denied Friday reports claiming that Egypt's sovereign fund plans to sell Cairo's Mogamma El-Tahrir building to foreign investors.

In its statement, the media center said it had contacted officials with Egypt's sovereign fund, who dismissed those reports as "baseless".

The fund, which has fully acquired ownership of the iconic 13-storey building, has no plans to sell the premises to foreign or Egyptian investors, it affirmed.

Instead, the sovereign fund has forged an offering memorandum for local and foreign investors and developers, outlining its vision regarding developing Cairo's iconic facility.

The fund seeks to partner up with developers and investors to finance the revamp, which aims at turning the Mogamma into a multi-purpose building.

The overhaul plan has to do with equipping the three acres-plus building to provide hotel, business, administrative and cultural services in order to ensure permanent returns for the state.

The fund called on all media outlets and social media users to verify news and contact bodies concerned before sharing any reports.

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