Orascom Pyramids allocates EGP 1B to develop Giza pyramids area

Updated 7/27/2023 8:20:00 AM
Orascom Pyramids allocates EGP 1B to develop Giza pyramids area

Arab Finance: Orascom Pyramids’ total final investment into the development of the pyramid plateau could reach EGP 1 billion, the company’s chairman Amr Gazarin told Asharq Business on July 26th.

He added that a total of EGP 500 million has been utilized for the development of the Giza pyramids area so far.

The Egyptian government will get 50% of the firm's profits, not less than EGP 20 million a year as per the development project contract signed between both parties. This is in addition to receiving full proceeds of entry tickets to the pyramids, according to Gazarin.

Egypt targets doubling the number of visitors to Giza pyramids to 5 million annually from 2.5 million now, he pointed out.

Orascom Pyramids is a subsidiary of Orascom Investment Holding (OIH).

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