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Orascom Investment signs EGP 200m deal for Sound and Light shows

Orascom Investment signs EGP 200m deal for Sound and Light shows
The duration of the contract is 15 years
Orascom Investment Holding
OIH
-3.26% 0.42 -0.01

Cairo – Mubasher: Orascom Investment Holding penned a contract with Misr Company for Sound and Light and Tourism Development that covers the development and participation in the management of the Sound and Light shows and the show area at the Pyramids of Giza.

The contract value is estimated at EGP 200 million which will be injected into the project within 16 months from the date of receiving the site.

The duration of the contract is 15 years, during which Misr Company will receive 17% of the project’s annual revenues, with a minimum guarantee of EGP 36 million per annum, at an annual increase of 7%.

Commenting on the agreement, CEO of Orascom Investment, Naguib Sawiris, said: “Our goal is to raise the level of services provided and use the latest technology in management and operation to turn it into a global entertainment area to attract visitors and promote repeat visitation.”

Orascom Investment was among the four bidders that submitted their offers during the Sound and Light shows at the Pyramids in September 2020.

It is worth noting that Misr Company is a subsidiary of the Holding Company for Tourism and Hotels (HOTAC) which is owned by Egypt’s Ministry of Public Business Sector.