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Thursday, 3 January 2019

Something’s going on out by the Pyramids, but we can’t quite put our finger on it

Something’s going on out by the Pyramids, but we can’t quite put our finger on it: The latest turn in the saga between Naguib Sawiris’ Orascom Investment Holding (OIH) and Prism International sees Prism ceding its exclusive right to run the Sound and Light show at the Giza Plateau to a joint venture it had earlier created with OIH, sources told Al Mal. The JV is 70% owned by OIH, which the story claims had “asked” Prism to walk away from the project as the Sound and Light Cinema Company (SLCC) prepared to annul the USD 10 mn contract. And the SLCC? It’s still going to pull the plug on the contract, says Mervat Hataba, chairperson of the state-owned General Company for Tourism and Hotels (better known as EGOTH). She says the SLCC is putting the right to commercialize the sound and light show back out for tender. Prism, meanwhile, is reportedly looking to take OIH to arbitration — mirroring a threat OIH had previously made.

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