The Sovereign Fund of Egypt, Cairo, will work with an institution tasked with protecting Egypt's heritage to rehabilitate and develop a historic district as a tourist destination.
The sovereign wealth fund will manage the operations and services in the Bab Al-Azab citadel in the country's capital, a news release said. The work will be completed in collaboration with the Ministry of State for Antiquities, which manages the historic site.
"This step is considered the first investment project for the Sovereign Fund of Egypt in the tourism and services sectors," the release said.
The area will be developed to include a museum; a market with spices, crafts and foods; a design school; a theater; and a historical library.
"The fund will team up with experienced private investors to develop the Bab Al-Azab site," Ayman Soliman, CEO of the fund, said in the release. "We will equip the buildings in the area to offer visitors and tourists a rich cultural experience that accentuates the citadel's historic value and highlights the pivotal events it witnessed and its role in Egypt's modern history. It is essential that the private sector plays an integral role in adding economic and cultural value to the historical tourism sector," Mr. Soliman said.
The fund has about $12 billion in assets, according to the Sovereign Wealth Fund Institute. It was established in 2018 to attract private investments into Egypt and to promote co-investment in state-owned assets.
Executives could not be reached for comment.