CAIRO: Orascom Pyramids, a unit of Orascom Investment, signed a contract worth 200 million Egyptian pounds ($12.7m) to develop and participate in the management of the sound and light shows at the Pyramids of Giza.
State-owned Egypt Company for Sound, Light and Cinema will receive 17 percent of the revenues with a minimum of 36 million Egyptian pounds annually, according to the agreement.
Orascom has been interested in participating in the development of the pyramids area and the sound and light shows, as the area has gone unchanged since 1961, CEO Naguib Sawiris told Asharq.
The Egyptian businessman expected the tourism sector in the country to partially recover in the last quarter of this year. Investing in tourism now will create good revenues in the long run, he said.
Orascom is also focusing on investing in real estate and entertainment, said Sawiris.
Sawiris, owner of Orascom Financial Company, said that the company is still planning to acquire a second-tier bank specializing in small- and medium-sized project financing and
is awaiting regulatory approval from the Central Bank of Egypt, he said.
