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The EGX-listed Egyptian Media Production City (EMPC), the largest media and production entity in the Middle East, is studying new projects as part of an investment drive, the majority state- owned company said in a stock exchange statement.
Key projects, according to the Arabic language statement, include:
- Launch of a media university with the participation of various parties to integrate with subsidiary International Academy of Engineering and Media Sciences..
- Hotel projects to leverage the City’s proximity to The Grand Egyptian Museum.
- Studying Alhokair Group’s request to extend the usufruct date of the Magic Land project to 2078 from 2048.
Last week, the Saudi-headquartered Alhokair Group [Abdul Mohsen Al Hokair Group for Tourism and Development] had announced the launch of mega entertainment project ‘Tanza’ in Egypt by its subsidiary Magic Land Al-Hokair in partnership with EMPC on a usufruct basis. Spread over an area of 250,000 square metres, Tanza is expected to involve investments to the tune of 1.1 billion Egyptian pounds ($22 million).
The project will include seven entertainment zones, including adventure, racing, sports games, forest, cinema, children's area, and a dolphinarium.
(1 US Dollar = 30.89 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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