Orascom signs SAIB bank’s EGP230 million loan to renovate Pyramids Plateau

By Amwal Al Ghad English On Oct 1, 2020

Egypt’s SAIB Bank signed on Wednesday a long-term 230 million Egyptian pound ($14.6 million) loan with Orascom Pyramids for Entertainment Projects, part of Orascom Investment Holding.

The loan will help Orascom develop the Giza Plateau, the area surrounding Egypt’s Great Pyramids of Giza and the Sphinx.

The signing ceremony, held at the bank’s headquarters, was attended by business tycoon and Chairman of Orascom Investment, Naguib Sawiris and SAIB’s chairman and managing director Tariq al-Khouly.

The project aims to develop the plateau in line with the state’s strategy to develop tourist destinations and increase the number of tourists in the coming period, according to an official statement by the bank.

In February, Egypt’s Minister of Antiquities and Toursim Khaled al-Anani unveiled a plan to renovate the plateau, which included opening the area’s first onsite cafe and restaurant.

Orascom Pyramids has been assigned with overseeing marketing and promotion, parking, and guest services at the Pyramids, while Egypt’s Supreme Council of Antiquities will manage the archaeological area.

The company will operate buses and energy-efficient vehicles to take visitors from the parking lot to the pyramids, while a welcoming centre will be established at the site’s new entrance, located on Fayoum Road, to house shops, cafes, and a cinema.

SAIB Orascom Deal — The loan signing ceremony, held at the SAIB Bank’s headquarters, was attended by business tycoon and Chairman of Orascom Investment, Naguib Sawiris and SAIB’s chairman and managing director Tariq al-Khouly.