Sound and Light Company scraps USD 10 mn Giza Plateau development contract with OIH: The Sound and Light Cinema Company (SLCC) is working to annul its contract with Orascom Investment Holding (previously known as OTMT) for the USD 10 mn development project at the Giza Plateau, Egyptian General Company for Tourism and Hotels (EGOTH) Chairperson Mervat Hataba tells Al Mal. The company has failed to begin work on the project, despite the grace period officially ending tomorrow, sources tell the newspaper, and SLCC is annulling the contract on the grounds that OIH did not meet its contractual obligations. According to the newspaper, OIH and Prism Entertainment — which was partnering with OIH to help develop and run the sound and light show — reached a disagreement over Prism reportedly failing to carry out the work it was responsible for under the partnership, despite OIH dishing out some EGP 30 mn for the French company. SLCC now plans to re-issue its tender for the contract, and OIH intends to submit a bid again, OIH CEO Tamer El Mahdy said.

Background: Prism had entered into an agreement with Saudi-owned City Stars Properties in 2015 to spend USD 50 mn improving SLCC facilities and services at the Giza Plateau. OIH later bought out City Stars’ share in the project after the Saudi company decided to quit the project for reasons that remain unclear.