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Sound and Light agrees to increase Antiquities Ministry profits to 20% by 2020  - Daily News Egypt

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Sound and Light agrees to increase Antiquities Ministry profits to 20% by 2020 

Sound and light company reduced its losses during the last fiscal year to EGP 11m compared to EGP 19m during the previous year a decrease of EGP 8m 


Sound and Light Company, a holding company for tourism and hotels, agreed to increase the Ministry of Antiquities’ profits from sound and sound tickets from 15% to 20% from 2020 to 2023 according to the acting chairman of the company.

Yasmin El-Shazly, general supervisor of the antiquity ministry’s International Organizations Department, said that the Ministry of Antiquities called for an increase in the percentage of profits from the tickets of the company’s offers after the implementation of the development of offers to the company in the area of the pyramids, to 25%, but negotiations between the company and the ministry reached the agreement to be 20% or EGP 3m per year from the minimum of Company profits.

The agreement between the Sound and Light Company and the Ministry of Antiquities starts from 2020 until 2023.

The profit ratio of the tickets will increase to 50% without a minimum profit starting in 2023, as the contract between “Sound and Light” and “Prism” was extended until 2045.

Sound and Light Company has contracted with Prism to develop audio and light performances in the historic pyramids area for 20 years at a cost of $50m.

According to El- Shazly, “the contract is 20 years divided by three periods, the first 5 years, the percentage of sound and light profit is 30% compared to 70% for the investor, while the second period of 5 years estimated the share of sound and light in which 35% compared to 65% for the investor.

The third period of the contract is 10 years with a 50% equal share between Sound and Light and Prism. At the end of the contract, the investor leaves all the equipment for the company, according to the company’s acting president.

Waiting for the sound and light processing of the permits for the company “Prism” International to start the implementation of the project to develop sound and light performances in the area of the pyramids of the company.

Prisma has no office in Egypt, so we are waiting for the papers and permits to be taken to start the development project, which is scheduled to take about 14 months and cost $ 50 million.

“We refused to suspend any signs of the project in the region only after the completion of all official permits Prism started in the survey and preliminary consultations currently,” according to El-Shazly

The Standing Committee of Antiquities agreed last December to implement the project, where it set up a committee to supervise the implementation and another review of the script to be presented to ensure that it coincides with the history of Egypt Pharaonic.

Sound and Light Company reduced its losses during the last fiscal year to EGP 11m compared to EGP 19m during the previous year.

El-Shazly said in previous statements to Daily News Egypt that she hopes to reach the point of balance between profits and losses by the end of the current fiscal year as the inflow of tourist inflows to Egypt as well as waiting for the response of the Red Sea province on its request to increase the proportion of construction of its project in Hurghada to 20% instead of 10 %

https://cdn1.dailynewsegypt.com/2017/10/26/sound-light-agrees-increase-antiquities-ministry-profits-20-2020/
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