Egyptian Media Production City’s (EMPC) board has approved extending its agreement with KSA-based Al Hokair Group to redevelop and manage Magic Land, the former’s amusement park in west Cairo, under a build-operate-transfer framework, Invest-Gate reports.
Under the new 30-year contract, Al Hokair will invest USD 55.9 mn (EGP 924.86 mn), instead of USD 30 mn (EGP 496.35 mn) only, over a bigger land area of 281.59 square meters, which was raised by 130.42 square meters compared to the former deal, EMPC said in a bourse filing on August 3.
The Saudi developer will also pay EGP 22.3 mn per year for the license rights, rather than the previous EGP 12 mn, it noted.
Meanwhile, EMPC announced in another statement on August 4 the launch of a new five-story media hub in Downtown Cairo to serve all foreign media and correspondents, providing a direct connection to satellites and photo units, while being equipped with SD cameras and other state-of-the-art facilities.
Furthermore, other production facilities are available at three affiliated studios in west Cairo, notably Agouza, Garden City, and Maspero, which can be used for various media purposes and are fully equipped to offer a wide array of production services.