According to Soliman, the fund has already signed several contracts with major companies, highlighting a large amount of interest in central Cairo’s transformation
The Sovereign Fund of Egypt (SFE) is looking to turn downtown Cairo into a tech hub, with the fund’s CEO Ayman Soliman explaining that it will use several buildings in downtown Cairo and Zamalek to create a new hub for tech businesses in an interview with Asharq Business earlier this week.
The fund is aiming to transform downtown and Zamalek into a technology center and an incubator for startup companies, which it expects will contribute to increasing Egyptian exports of technology services to $10 billion from the current $3 billion.
According to Soliman, the fund has already signed several contracts with major companies, highlighting a large amount of interest in central Cairo’s transformation.
SFE is looking into partnering with private-sector companies to repurpose several government buildings, including the old interior, youth and sports, and tourism ministry buildings to provide services for tech companies including IT services, startup incubation, and training.
Some companies have already submitted feasibility studies for the development of the buildings, Soliman added, without disclosing the total investment cost of the project, how it will be funded, and its possible timeframe.
