Egypt: Orascom Pyramids aims to open Giza Plateau project in Q1 2024

Egypt: Orascom Pyramids aims to open Giza Plateau project in Q1 2024

Egypt - Orascom Pyramids Entertainment, a subsidiary of Orascom Investment Holding Company, plans to open its Giza Plateau development project in the first quarter of 2024, instead of December, after completing some remaining procedures, especially the opening of the Fayoum Gate.

Amr Gazarin, Executive Chairperson of Orascom Pyramids, told Daily News Egypt that the company has completed about 95% of the construction work for the project so far, expecting to reach 100% by the end of this year, with an expected investment cost of around EGP 1bn.

The company relies on 60% bank loans and 40% self-financing for the project’s development. It has already obtained two loans worth approximately EGP 400m from the Societe Arabe Internationale De Banque (saib) and is negotiating for a new facility whose value will be determined based on its needs. The funding is likely to come from the same bank, with guarantees issued through Orascom Investment Holding. The National Bank of Egypt has also signed a sponsorship agreement with the company to support the project.

The new loan will primarily be used to establish a permanent hall in the Pyramids with a capacity of up to 15,000 people for concerts and cultural events held in the area.

Gazarin said