The Property Management Department in Cairo transferred the rights to the former Interior Ministry headquarters in the Lazoghly area of Downtown Cairo to the governorate, reported Al Borsa News.
The Interior Ministry received the space for the building on a usufruct basis, similarly to other government headquarters. Once the Interior Ministry moved to New Cairo, the land is restored to the governorate.
Meanwhile, Prime Minister Sherif Ismail is studying potential uses for the building in Lazoghly, with one of the options being part of a larger integrated plan to make use of the old buildings in Downtown Cairo.
An expert appraiser, Shoukry Mikhail, suggested using the old building for an integrated commercial building where it will have residential units, hotel units and commercial stores.
There were ongoing discussions in May, whereby Ismail suggested the establishment a Sovereign Wealth Fund to manage unused public sector assets for fiscal year 2016/2017, according to Daily News Egypt.