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Monday, 9 December 2019

Orascom Investment pays EGP 6 mn settlement to SLCC

DISPUTE WATCH- Orascom Investment pays EGP 6 mn settlement to SLCC: Orascom Investment Holding (OIH) has paid a EGP 6 mn settlement to the Sound and Light Cinema Company (SLCC) after it failed to carry out contracted work for the EGP 10 mn development project at the Giza Plateau, according to Al Mal. SLCC does not intend to reissue the tender for the development unless it either reaches an agreement with the Antiquities Ministry to renew its concession contract (which expires in 2023) or the ownership of the company is transferred from the Public Enterprises Ministry to the Antiquities Ministry, SLCC Chairman Mohamed Abdel Aziz said. Negotiations between the two ministries are ongoing after the Public Enterprises Ministry suggested passing ownership following a dispute over the share of SLCC’s revenues. Background on the dispute is here.

Speaking of Orascom and the pyramids: Orascom Group’s Gemini Enterprises Africa signed a three-year agreement to hold the annual RiseUp Summit and Pitch by the Pyramids competition at the Giza Plateau until December 2022, according to a company statement (pdf).

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