São Paulo – Egypt’s Sovereign Fund plans to transform the historic Bab al-Azab area in Cairo’s Salah Al-Din Al-Ayoubi Citadel into the first integrated innovation zone in the Middle East and North Africa (MENA), local media reported. Pictured, view of part of Cairo’s Citadel.
The fund signed a memorandum of understanding with Bidayat Investment company, under which the company will explore opportunities for cooperation in developing the new center. Bidayat Investment Group has already established innovation centers in countries such as Italy, France and Turkey.
Founding partner Rachid Mohamed Rachid said the innovation center will embrace Egyptian youth creators. The center also aims at embracing startup owners in fields such as engineering design, furniture manufacturing, jewelry, fashion, as well as films.
Bab Al-Azab is one of the entrances or gates of the Salah Al-Din Al-Ayoubi Citadel, or Cairo’s Citadel, with a view to the nearby historic mosques. The towered gate was built in 1754 in the same architectural style of the other entrances but is considered the most beautiful of them.
Translated by Guilherme Miranda
