ArabFinance: Orascom Investment Holding (OIH) has received the location of the sound and light show project at the pyramids area to commence development works, chairman of Misr Company for Sound and Light Waad Allah Aboul Ella told Al Mal Newspaper.

The development of the sound and light show project is expected to be complete in 2023, Aboul Ella highlighted.

It is worth noting that OIH previously signed a nine-year term loan agreement with the National Bank of Egypt (NBE) at a value of EGP 311 million to finance the development of the sound and light show project at the Pyramids of Giza.

In September, Misr Company for Sound and Light launched a global tender for the development and management of the sound and light shows at the pyramids area.

Misr for Sound and Light approved the financial and technical offer submitted by OIH at a cost of EGP 200 million to be pumped into the project over 16 months from receiving the project’s location.

This comes under a 15-year term contract, upon which Misr for Sound and Light would get 17% of the project’s revenue that annually increase by 7%.

OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector. The company’s activities are mainly divided into its global system for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.