Egyptian Media Production City’s (EMPC) board has agreed to purchase an 884-square-meter flat in Agouza, Giza Governorate, for developing a fully-fledged administrative studio, with investments worth EGP 35 mn, Invest-Gate reports.

Further, EMPC bought another property in the same building, covering 296 square meters, amounting to EGP 12 mn, according to the company’s bourse filing on October 12.

Last August, EMPC revealed that several production facilities will soon be available at three affiliated studios in west Cairo, notably Agouza, Garden City, and Maspero, it announced in an earlier statement. The state-run company said the spaces can be used for various media purposes and are fully equipped to offer a wide array of production services.

Besides, during the same month, the firm’s board 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 (BOT) framework, according to the previous bourse filing.

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. The Saudi developer will also pay EGP 22.3 mn per year for the license rights, rather than the previously-agreed EGP 12 mn, the statement noted.