Sovereign Fund, “Bedayat Misr” Sign MoU for 1st integrated creative zone in Africa
The Sovereign Fund of Egypt (SFE) and ” Bidayat” Misr Company has signed a memorandum of understanding (MoU) to study the transformation of Bab Al-Azab zone in Salah El-Din (Saladin) Citadel into the first integrated creativity zone in the Middle East and Africa.
Last year, the SFE signed a contract with the Supreme Council of Antiquities to develop, provide and operate visitor services in the archaeological Bab al-Azab zone of the Saladin Citadel.
The study aims to develop the general plan and economic feasibility in order to present it to the Supreme Council of Antiquities for approval to create the first integrated creativity zone in the Middle East and Africa in the heart of Historic CairThis zone has a unique cultural depth as one of the most important World Heritage sites.
The plan of development employs the heritage buildings located within the a Bab El-Azab zone as important attractions that host the basic components of the creativity zone from educational, creative, craftsmanship, commercial, entertainment and promotional content to attract visitors to the zone from inside and outside Egypt.
The plan also seeks to stimulate the outputs of the creative economy in Egypt and link it to global networks and markets.
The MoU was signed by Amr Elhamy, Executive Director of the Egypt Sub-Fund for Tourism, Real Estate Investment and Antiquities Development, and Ahmed El Shaboury, CEO of “Bidayyat” Misr, in the presence of Dr. Mostafa Waziri, Secretary-General of the Supreme Council of Antiquities, and members of the boards of directors of Egypt’s Sovereign Fund and its subsidiary fund, members of the board of directors of the Bidayyat Investment Group, heads of advisory offices conducting the study and a group of representatives of the heritage, creative and business community in Egypt.
