By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Chinese investor urges increasing construction part in $17m project 
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Tourism > Chinese investor urges increasing construction part in $17m project 
Tourism

Chinese investor urges increasing construction part in $17m project 

Abdel Razek Al-Shuwekhi
Last updated: 2017/10/18 at 7:33 PM
By Abdel Razek Al-Shuwekhi 4 Min Read
Share
The owner company aims to establish a sound and light project on an area of 42,000 square metres.
SHARE

The Sound, Light, and Cinema Company urged the Red Sea governorate to increase the construction part from 10% to 20% in a tourist project in Hurghada so that the project’s investor can recover its costs, according to the acting chairperson of the company, Najwa Al-Shazly.

Al-Shazly said that her company sent its request to the Red Sea governorate in March, but it has not received any response yet.

The owner company aims to establish a sound and light project on an area of 42,000 square metres, in addition to a food court, motel, and cinema.

Al-Shazly stated that her company is negotiating with a Chinese investor to finance the project, adding that he demanded the company to increase the construction part so that he can recover the project’s costs amounting to $17m.

She further added that her company submitted the Chinese investor’s request to the chairperson of the Holding Company for Tourism Hotels and Cinema, Mervat Hataba, as well as the Red Sea governorate.

She pointed out that Hurghada acquires about 20% ​​of the total tourist flows to Egypt, and the investor is supposed to recover the allocated funding within six years after the operation of the project according to the feasibility study of the project.

The Sound, Light, and Cinema Company’s losses declined at the end of the last fiscal year to EGP 11m compared to EGP 19m before the last fiscal year. According to Al-Shazly, this decline came as a result of the company’s efforts to increase its revenues by increasing concerts and rationalising expenses.

The company aims to reach a balance point during the current fiscal year, especially as Egypt’s tourist flow witnessed some development in the second half of this year.

Al-Shazly said her company has increased its concert ticket prices since April from EGP 125 to EGP 150 for foreign visitors.

She noted that the concerts’ operating costs increased by 300%, which forced the company to increase ticket prices.

She added that before the flotation of the pound, the previous ticket price was $10 or its equivalent in Egyptian pounds, so it was supposed to be increased to EGP 200 to keep pace with the current dollar price.

Al-Shazly said that her company recovered its dues from the Ministry of Antiquities, amounting to EGP 29m, while there is a disagreement between the two bodies about financial insurance of some projects implemented by the company, worth EGP 2.8m, in addition to unpaid fines for the Ministry of Antiquities worth EGP 6m.

The company’s activities are divided into three sectors. The main activity is the sound and light concerts at the pyramids, in addition to four other regions in the south.

Second is the company’s lighting for the Citadel of Salah al-Din Al-Ayoubi and Al-Moez Street, while the third activity depends on organising concerts at the Pyramids of Giza or Temple of Philae in Luxor.

You Might Also Like

Egypt aims to attract 30 million tourists in 2028: Tourism Minister

DNE Awards honours Pickalbatros Hotels & Resorts Chairperson Kamel Abou Ali as Most Influential in Tourism Sector

Egypt discovers statue of Great Sphinx, remains of Claudius’ cabin next to Dendera Temple

Pickalbatros Hotels to participate in ITB Berlin 2023

Egypt discovers 9-metre-long corridor inside Khufu pyramid

TAGGED: Chinese investor, Construction, Red Sea
Share this Article
Facebook Twitter Email Print
Previous Article JWT plans to promote tourism in Egypt during World Cup 2018 
Next Article Tourism provides low-cost charter, charter-incentive programme for one year
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?