Saudi-Emirati consortium partner with TSFE to revamp former NDP headquarter

Updated 9/25/2023 9:20:00 AM
Saudi-Emirati consortium partner with TSFE to revamp former NDP headquarter

Arab Finance: Saudi Egyptian Developers (SED) and the UAE’s Al Shafar General Contracting (ASGC) Group are close to revamping the former National Democratic Party (NDP) headquarters in the heart of Cairo, in collaboration with The Sovereign Fund of Egypt (TSFE), Asharq Business reported, citing unnamed sources familiar with the matter.

The building will be repurposed to a hotel with an investment of up to $5 billion, within a period of five years, one of the sources added.

The project will be funded via the capital increase of TSFE’s owned firms Nilus for Residential Services and Nilus Hotel and Commercial Services.

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