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Orascom to co-manage sound and light shows at Giza Pyramids - Daily News Egypt

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Orascom to co-manage sound and light shows at Giza Pyramids

Contract term is 15 years, and Sound and Light Company gets 17% of contract’s revenues at minimum of EGP 36m


Egypt’s Sound and Light Company and Orascom Investment Holding Company have signed a contract to develop and co-manage the sound and light shows at the Giza Pyramids. 

The contract was signed in the presence of: Hisham Tawfik, Minister of Public Enterprise Sector; Khaled El-Anani,  Minister of Tourism and Antiquities; Ahmed Rashid, Governor of Giza; and Zahi Hawass, Egyptologist and former Minister of Antiquities.

The signing was also attended by: Naguib Sawiris, Managing Director of the Orascom Investment Holding; Mervat Hataba, Chairperson of the Holding Company for Tourism and Hotels (HOTAC); and Adel Wali, Executive Managing Director of HOTAC. 

For his part, Tawfik stressed that the signing comes as part of his ministry’s strategy to develop and reform its affiliated companies. This includes efforts to improve the management of assets and investments these companies own, and partner with the private sector. 

The Ministry of Public Enterprise Sector is also keen on improving the services provided to Egyptians and tourists at the Giza Pyramids plateau. It seeks to develop the sound and light shows using modern technology, while preserving the historical content of the shows, in a way that contributes to promoting tourism in the region.

Tawfik said that the Sound and Light Company had launched an international bid to develop and co-manage the sound and light shows at the Giza Pyramids in September 2020. 

Four companies submitted their bids, and a technical and financial offer submitted by Orascom Investment Holding was approved at a cost of EGP 200m, which will be pumped into the project within 16 months. 

The contract term is 15 years, and the Sound and Light Company gets 17% of the project’s revenues at a minimum of EGP 36m, an increase of 7% cumulatively annually.

For his part, Sawiris said, “Our goal is to raise the quality of services provided and use the latest technology in management and operation to turn it into a global entertainment area that attracts visitors more than once.” 

He added, “We are working to develop the surrounding area to be the best front for Egypt.”

It is worth noting that the Sound and Light Company is affiliated to the Holding Company for Tourism and Hotels (HOTAC) of the Ministry of Public Business Sector.

Orascom Pyramids, an Orascom Investment company, has also already started implementing the comprehensive development plan for the Giza Pyramids Plateau area, based on the contract it signed with the Supreme Council of Antiquities. It includes upgrading the services provided to visitors, as well as the area designated for display. 

Topics: Orascom

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https://dailyfeed.dailynewsegypt.com/2021/06/15/orascom-to-co-manage-sound-and-light-shows-at-giza-pyramids/
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