CAIRO (Reuters) - Egypt's antiquities authority is to transfer Cairo's historic Bab al-Azab district - with Ottoman-era architecture and the medieval Citadel overlooking the capital - to its sovereign wealth fund to develop into a tourism destination.

The wealth fund will in turn will bring in private interests to help in its development, it and the antiquities authority said in a joint statement on Tuesday. The area lies directly under the Citadel, an imposing fortification dating to the 13th century and a UNESCO World Heritage Site since the 1970s.

The fund aims to restore the run-down district's historic buildings and create museums, theatres and traditional market places. No timeline for the project was given.

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