RIYADH: 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).
The fund signed a Memorandum of Understanding with Bidayat Investment company, under which the company will explore opportunities for cooperation in developing Bab Al-Azab and turning it into an innovation center to embrace Egyptian youth creators, founding partner Rachid Mohamed Rachid told Asharq Business.
The center also aims at embracing startup owners in fields such as engineering design, furniture manufacturing, jewelery, fashion, as well as films, he said.
Bidayat Investment Group has already established innovation centers in several international markets, such as Italy, France and Turkey.
