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Sunday, 30 May 2021

New show at the Pyramids

Orascom Investment Holding (OIH) subsidiary Orascom Pyramids will invest EGP 200 mn in the early stage of the Giza sound and light show revamp, which is expected to cost EGP 350 mn when completed, chairman and CEO Hesham Gadallah told Hapi Journal. The company plans to self-finance part of the project and is lining up bank finance for the rest. Orascom Pyramids will soon finalize contracts with the government and plans to kick off a trial run of the show within two years of signing the final contract, Gadallah said.

A new, improved sound and light experience? The project, part of the company’s larger development plan to revamp the area around the Giza Pyramids, involves installing new equipment to modernize and improve the 40-year-old landmark spectacle, as well as build office spaces for its workers and open restaurants and retail outlets, Gadallah said.

Orascom Pyramids emerged as the sole bidder to snag the redevelopment contract last year, after the show’s legacy operator, the Sound and Light Cinema Company, issued a second tender seeking a private sector developer. The original tender, launched back in 2018 and also awarded to OIH, broke down and saw OIH agree to pay an EGP 6 mn settlement.

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