Cairo – Mubasher: Egyptian Media Production City Co’s board of directors approved selling the right of usufruct of the recreation area, Magic Land, for one of Al Hokair’s subsidiaries at a value of EGP 12 million per year.

Al Hokair’s unit will pump investments worth $30 million in the project over 30 years, according to the company's statement to the Egyptian Exchange (EGX).

The subsidiary of the Saudi group will further pay EGP 300,000 in additional fees per year, as well as pay 5% of Magic Land's annual profits to Egyptian Media Production City Co.