Latest news with #HishamEzzAl-Arab
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan
The Commercial International Bank (CIB) Egypt has signed a mid-term financing agreement worth EGP 963m with OSL for Entertainment Projects (OSL), a subsidiary of Orascom Investment Holding, to support the redevelopment of the sound and light show and surrounding exhibition areas at the Pyramids of Giza and the Sphinx. The financing will fund upgrades to the sound and light show's infrastructure, including state-of-the-art audiovisual systems, lighting technologies, and civil works. The project aims to reimagine the area as a world-class cultural and entertainment destination, with a new show designed to narrate the history of the pyramids using cutting-edge technology. It forms a key part of the Giza 2030 vision, which seeks to elevate the site's tourism appeal and enhance the overall visitor experience. The agreement was signed by Manal Abdel Hamid, CEO of OSL, and Soha Abou Zeid, Head of Institutional Relations and Direct Investment at CIB, in the presence of Naguib Sawiris, Chairperson of Orascom Investment Holding; Hisham Ezz Al-Arab, CEO and Board Member of CIB; Amr El-Ganainy, Deputy CEO and Board Member of CIB; and Marwan Hussein, CEO of Orascom Investment Holding, along with senior executives from CIB, Orascom, and OSL. Naguib Sawiris expressed his satisfaction with the partnership, stating: 'We are pleased to cooperate with CIB, one of our oldest financial partners, in supporting this cultural project. Orascom Investment aims to deliver a spectacular, 21st-century show that elevates service standards and embraces the latest technologies—transforming the site into a global entertainment hub that attracts repeat visits and reflects Egypt's cultural pride.' He also praised the close collaboration with CIB throughout the financing study and agreement process. Hisham Ezz Al-Arab said: 'We at CIB are proud to support this ambitious national project that embodies Egypt's cultural and civilisational heritage. Financing the Pyramids' sound and light show aligns with our strategy to back initiatives that drive economic development while promoting Egypt's tourism identity. Our partnership with OSL is a model for impactful collaboration in sustainable development.' CIB's support for the Giza Sound and Light Show reflects its broader commitment to projects that strengthen Egypt's cultural assets and enhance the tourism experience through improved infrastructure and expanded entertainment offerings. The collaboration also underscores CIB's role in supporting initiatives that integrate economic growth with national identity, delivering tangible social and economic benefits. As part of its long-term strategy, Orascom Investment Holding is undertaking a comprehensive transformation of the visitor experience at the Giza Plateau. Through its subsidiary Orascom Pyramids, the group recently held a soft opening of the site's redevelopment project, which seeks to modernise one of the world's most iconic archaeological destinations. The project includes streamlining traffic flow within the site to improve visitor movement, expanding parking areas for buses and private vehicles, and enhancing accessibility through dedicated spaces for people with disabilities. Additionally, the infrastructure is being upgraded to meet modern standards of comfort and safety. New electronic information points will guide and inform tourists, while licensed souvenir shops, cafés, and restaurants have been added to cater to visitor needs. Directional signage has been installed across the site to facilitate navigation, ensuring tourists can explore key landmarks with ease and confidence.
Daily News Egypt
09-03-2025
- Business
- Daily News Egypt
CIB's Hisham Ezz Al-Arab receives Global Finance Lifetime Achievement Award
Global Finance has awarded Hisham Ezz Al-Arab, Chairperson and CEO of Egypt's Commercial International Bank (CIB), its Lifetime Achievement Award. The award is the publication's highest individual honour. Joseph D. Giarraputo, Founder and Editorial Director of Global Finance, said Ezz Al-Arab's leadership had a transformational impact on Egypt's banking sector. 'Hisham Ezz Al-Arab's visionary leadership has had a transformational impact on Egypt's banking sector, and has elevated CIB into a globally recognised institution and the country's most successful private-sector bank,' said Giarraputo. 'His commitment to innovation and excellence has set new benchmarks in the industry, making him a truly deserving recipient of Global Finance's Lifetime Achievement Award.' Ezz Al-Arab served as Chairman and Managing Director of CIB from 2002 to 2020. During that time, the bank's market capitalization increased from $200m to over $6bn. In 2020, Ezz Al-Arab stepped aside from CIB and launched HE Advisory, a consulting firm focused on supporting organisations, particularly fintech companies, in risk management, growth strategies and fundraising. He returned to CIB in 2022 as a non-executive director, leading the bank's expansion strategy in Eastern Africa. In 2023, Ezz Al-Arab was named Chairman of CIB, and in September 2024, he was reappointed as CEO, reinforcing his leadership role. His vision continues to shape CIB's strategy, which has a focus on digital transformation, sustainability and regional growth. Before joining CIB in 1999, Ezz Al-Arab held senior positions with Merrill Lynch, Deutsche Bank, and JP Morgan in London. Beyond his banking career, Ezz Al-Arab is also involved in social causes. He chairs the CIB Foundation, a non-profit organisation that aims to improve health and nutrition for underprivileged children across Egypt.
