IPAG Business School of Paris will open a branch campus at a new mixed-use property development built on the site of the old Ministry of Interior (MoI) building in downtown Cairo, Egypt.
The academic institution will be the anchor tenant of the development, which will boast feature technology hubs and incubators, office space, an international business process outsourcing hub, as well as retail units, a three-star hotel and a service apartments
The existing MoI complex spans seven buildings and covers an area of 39,895 square metres in the heart of the historic downtown area of the Egyptian capital.
Local real estate company A Developments was awarded the contract the develop the government-owned site through a tender process launched in April 2022 by the Sovereign Fund of Egypt. TSFE is acting as landlord of the site and will invest in the $26m project alongside A Developments via its TSFE Tourism, Real Estate & Antiquities subfund.
The development will be worked on in stages, with the first expected to be completed by the end of 2023.
Foreign direct investment into Cairo is yet to fully recovery from the impact of the Arab Spring in 2011, given how reliant the city’s economy has historically been on tourism. Plans to build 21 new cities across Egypt hinge on the government’s ability to attract increased interest from international investors.