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Tuesday, 5 January 2021

Déjà vu

Orascom Investment Holding (OIH) looks set to snag the contract to develop the sound and light show at the Giza Pyramids after emerging as the sole bidder in the tender launched by the Sound and Light Cinema Company (SLCC). The Holding Company for Tourism and Hotels is now going to begin negotiations with OIH over the financial offer for the project, HOTAC Chairperson Mervat Hataba tells Masrawy. Five local and international companies were earlier reported to have expressed interest in the tender.

You’re not losing your mind: Orascom has been here before: OIH was awarded the same tender back in 2018, but failed to carry out the contracted work for the EGP 10 mn project, and paid a EGP 6 mn settlement to the SLCC in late 2019 instead. SLCC reissued the tender in September 2020 and specified new requirements for companies that would see them invest at least USD 15 mn in the project, while international firms would also need to create an Egyptian joint stock company with a minimum capital of EGP 25 mn.

This is part of a wider push by Orascom to dominate the redevelopment of the Giza plateau: Orascom Construction played a leading role in the construction of the Grand Egyptian Museum and the development of the plateau, Orascom Development Egypt is managing a plethora of services and facilities, while Orascom Pyramids is taking charge of the electric bus route that will take visitors around the complex.

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