The Cabinet Media Center has denied reports purporting selling Cairo’s Maspero Triangle to a foreign investor.
In a statement released Thursday the center said, it contacted the Ministry of Housing and Urban Communities in this regard as the ministry deemed circulating reports as baseless.
The state is currently working on a project to develop Maspero Triangle, with a view to maximizing its added value and transforming the area into a tourist and commercial spot, said the ministry.
New housing units in the area will be offered to residents, who rejected receiving financial compensation or being moved to new cities, it added.
The Maspero Triangle will serves as a tourist and commercial hub in the heart of Cairo, as it comprises residential and administrative buildings, as well as hotels.
The ministry appealed to all media outlets and social network users to seek accuracy and communicate with the bodies concerned to avoid spreading fake news that could spark public discontent.