Latest news with #OrascomInvestmentHolding
Zawya
08-08-2025
- Business
- Zawya
Egypt: Orascom Investment Holding's consolidated losses deepen 389.5% YoY in 2024
Arab Finance: The consolidated net losses attributable to the parent company of Orascom Investment Holding (OIH) hiked by 389.57% to EGP 908.943 million in 2024, according to the financial results. The reported net losses were compared with EGP 185.661 million in 2023. Basic and diluted loss per share increased to EGP 0.173 last year from EGP 0.061 at the end of 31 December 2023. Non-consolidated net losses from continuing operations hiked to EGP 726.780 million in 2024 from EGP 330.839 million a year earlier. Total standalone revenues jumped to EGP 107.148 million from EGP 35.257 million. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Egypt Independent
18-07-2025
- Business
- Egypt Independent
Pyramids set for world-class transformation with new Sound & Light Show: Naguib Sawiris
Naguib Sawiris, Chairman of Orascom Investment Holding, announced via his official X (formerly Twitter) account that a new Sound & Light Show, befitting Egypt's grandeur, will soon be organized at the Pyramids archaeological area. His statement came after attending the existing Sound & Light presentation. This development follows the Chamber of Tourism Companies and Travel Agencies' announcement on Wednesday, that the current Sound & Light Shows at the Pyramids area have resumed and will continue until Sunday, July 20. A single show is being held daily at 8:30 PM in English. Commercial International Bank (CIB) has approved a medium-term loan of LE 963 million to finance the creation and development of the new Sound & Light Shows and their dedicated presentation area at the Pyramids and Sphinx. This funding covers necessary equipment, machinery, and civil works. The loan is directed to OSL Entertainment Projects, a subsidiary of Orascom Investment Group, which is undertaking the development with the aim of transforming the site into a world-class cultural and entertainment destination.
Zawya
10-07-2025
- Business
- Zawya
Egypt: CIB inks $19.4mln financing deal with OSL for Giza Pyramids sound and light project
Arab Finance: Commercial International Bank (CIB) has signed a medium-term financing agreement worth EGP 963 million with OSL Entertainment Projects, a subsidiary of Orascom Investment Holding, to support the development of the sound and light shows and viewing facilities at the Giza Pyramids. The financing will cover the construction, civil works, and procurement of equipment and machinery necessary for the new sound and light shows at the Pyramids and the Sphinx. The project aims to transform the historic site into a world-class cultural and entertainment destination. The revamped sound and light show will use advanced projection and lighting technology to present the history of the pyramids, enhancing the overall visitor experience and contributing to the Giza 2030 tourism development plan. In addition to the new show, the project includes a comprehensive upgrade of the site's infrastructure. This involves improving traffic flow within the archaeological area, expanding parking for tourist buses and private vehicles, and ensuring accessible facilities for people with disabilities. Plans also include introducing digital tourist guide stations, official souvenir outlets, modern cafes and restaurants, and directional signage to ease visitor movement—altogether enhancing the site's capacity to serve as a top-tier tourist attraction. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Morocco World
08-07-2025
- Automotive
- Morocco World
Egypt's Blu EV Plans $100 Million Investment in Morocco's Electric Mobility Market
Rabat – Blu EV, an Egyptian electric mobility company backed by billionaire Naguib Sawiris, is preparing to enter the Moroccan market by the end of this year. The company, which specializes in converting motorcycles from gasoline to electric power, aims to invest $100 million in the country. Speaking to Asharq Business, Blu EV co-founder and Chief Executive Officer Reda Baalbaki said that the expansion into Morocco is part of a larger plan to grow gradually across North Africa and the Middle East. The company also continues to expand within Egypt, aiming to provide affordable and eco-friendly two-wheeled transportation solutions. Their electric bikes cost around 30% less to operate than traditional fuel-powered motorcycles, Baalbaki said, highlighting the company's focus on reducing pollution and offering low-cost mobility options. Blu EV was launched in 2023 and is chaired by prominent Egyptian businessman Naguib Sawiris. Sawiris invested $120 million in the company through a partnership with Orascom Investment Holding, a firm owned by the Sawiris family. Baalbaki explained that Blu EV currently operates in several Egyptian cities, including East Cairo, Alexandria, Ismailia, the North Coast, and El Gouna. It has already set up over 50 battery-swapping stations, with a focus this year on expanding further into Greater Cairo. The company plans to cover the rest of Egypt over the next five years. Blu EV's main service is converting regular motorcycles into electric ones by replacing the fuel engine with an electric motor. The company also manages a smart network of battery-swapping stations to support the use of these electric bikes. Morocco has taken several steps in recent years to support electric vehicles. The country has launched public charging stations in major cities and on highways, and local automakers have shown interest in producing EVs. In addition, Morocco is home to two major car factories that have started producing electric or hybrid models for export. Last week, Renault Tangier celebrated the production of the 2,000th Mobilize DUO, the first fully electric four-wheeled vehicle made in Morocco. However, the local use of EVs remains low due to the high cost of electric cars and the limited number of charging stations. Most EV initiatives have focused on electric cars, with little attention to motorcycles, despite their widespread use in cities like Casablanca, Marrakech, and Fez. Tags: EgyptElectric Vehiclesev
Daily News Egypt
07-07-2025
- 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.
