Egypt's sovereign wealth fund is finalizing a master plan to revamp the area...
...now that government ministries have largely moved to a new capital to the east.
The fund expects to take over many former government buildings.
Ayman Soliman is the CEO of the fund.
"So, we want to revitalize downtown Cairo to really live up to its true potential ... Hospitality, which is lacking in downtown Cairo, leisure and cultural outlets, office space of startups and business outsourcing, and a little bit of long term stay apartments and there is a big push towards that as well."
The historic center was modeled on Paris in the 1860s,
It is filled with elegant but crumbling buildings that were nationalized in the 1950s and 1960s and left in disrepair.
The new plan will discourage some activities, such as warehousing and storage..
...while encouraging others, such as tourism.
Soliman did not rule out reports that a soaring skyscraper could be constructed.
But the new plan provides a preservation of architectural styles through a permitting system.
Weekend pedestrian zones and the creation of parking garages will also be in place.
Soliman added sprawling former interior ministry compound would include a three-star Moxy hotel by Marriott.
"We have aspirations for more buildings to come our way, we have received already interest from a lot of developers to come in, especially after the announcement and the progress on the privatization of the hotels, all of those are positive encouraging elements."
Soliman added that work on the ground would begin "probably within the first half of this year."
