Cairo – Mubasher: Orascom Investment Holding (OIH) announced that its subsidiary Orascom Pyramids has signed a contract worth EGP 170 million with Orascom Construction Plc.
Under the deal, Orascom Construction will renovate and boost the efficiency of buildings at the Giza Pyramids area for the development of the sound and light show, according to a bourse disclosure on Thursday.
This comes as part of the cooperation agreement between the Supreme Council of Antiquities (SCA) and Orascom Pyramids, the main developer and manager of the sound and light show development project.
Earlier, OIH signed an agreement worth EGP 311 million with the National Bank of Egypt (NBE) to finance the development of the sound and light show at the Pyramids of Giza.
In the first half (H1) of 2021, OIH turned to consolidated net losses of EGP 66.55 million, versus net profits of EGP 1.71 million in H1-20, including minority shareholders' rights.
