Sisi announces removal of public benefit status from 13 state-owned buildings

The ownership of these buildings will be transferred to the Sovereign Fund of Egypt (SFE), according to the Egyptian Gazette.

The public benefit status signifies that these buildings were owned by the state and utilized for public welfare purposes, thereby rendering them non-disposable.

The transfer of ownership to the SFE comes to facilitate their future utilization, which may involve sale, development, leasing, offering for utilization, investment, or partnership.

This decision entails the removal of public benefit status from several ministry buildings that are being relocated to the New Administrative Capital.

However, these buildings in downtown Cairo will continue to be occupied without charge until their transition to the new capital is completed.

Among the buildings affected by this decision are the ministries of foreign affairs, justice, housing, transport, and tourism, situated in different areas of central Cairo.

This move serves as part of the government's broader plan to move state employees and government headquarters to the New Administrative Capital with the aim of relieving congestion in Cairo.

The SFE, established in 2018, focuses on attracting local and foreign private investments to the country, including into state-owned assets, besides its responsibility for implementing Egypt’s IPO programme, which offers 35 state-owned companies for strategic investors by the end of June 2024.