Egyptian billionaire Naguib Sawiris is investing an additional 500 million Egyptian pounds (about $10 million) to continue the redevelopment of the Giza Plateau, with plans to transform the site into a year-round destination for concerts, sporting events and premium tourism, reports TOI.
The latest investment will take Orascom Pyramids Entertainment's total spending on the project to about 2 billion Egyptian pounds (around $41 million), according to TOI report.
The redevelopment project began in 2018 after the Egyptian government partnered with Orascom Pyramids Entertainment to improve the visitor experience at the Giza Plateau, which is home to the Pyramids of Giza and the Great Sphinx. The company expects the project to benefit from Egypt's continued tourism recovery.
Giza Pyramids redevelopment: New sports arena and electric buses planned
The latest funding will be used to introduce 30 electric hop-on, hop-off buses and build a 15,000-seat open-air sports arena at the historic site.
Orascom Pyramids Executive Chairman Amr Gazarin said the company still has 10 years remaining under its agreement with the Egyptian government to modernise the visitor experience.
Although the Egyptian government retains all revenue generated from entry tickets, Orascom earns income through VIP tours, restaurants, commercial leases, sponsorships and events.
Gazarin said concerts and sporting events are expected to generate up to 200 million Egyptian pounds (about $4.1 million) in revenue this year, with the business projected to break even in 2027.
Who is Naguib Sawiris?
Naguib Sawiris is a member of one of Egypt's wealthiest families currently, worth $5.6B as per Forbes. His brothers, Nassef and Samih Sawiris, are also billionaires.
He built his fortune in the telecommunications sector and sold Orascom Telecom to Russian telecom company VimpelCom, now known as Veon, in a multibillion-dollar deal in 2011. Sawiris currently serves as chairman of Orascom TMT Investments, which has holdings in several companies, including an Egyptian asset management firm and Italian internet company Italiaonline.
Egypt tourism targets 20 million visitors in 2026
The investment comes as Egypt's tourism industry continues to recover.
The country welcomed about 19 million visitors in 2025, making it Africa's second most-visited destination after Morocco. Egypt is targeting 20 million tourist arrivals in 2026, with more than 9 million visitors already recorded during the first half of the year.
Before the redevelopment project began, the Giza Plateau attracted around 2.5 million visitors annually. Orascom aims to double that figure to 5 million visitors next year.
What is the Giza Plateau?
Located around 13 kilometres southwest of central Cairo, the Giza Plateau is home to the Great Pyramid of Khufu, the Pyramid of Khafre, the Pyramid of Menkaure and the Great Sphinx.
Constructed during Egypt's Fourth Dynasty between approximately 2600 BC and 2500 BC, the plateau is one of the world's most significant archaeological sites. It also contains ancient temples, burial grounds and smaller pyramids built for members of the royal family.
The site forms part of UNESCO's World Heritage Site, Memphis and its Necropolis , and remains one of Egypt's most visited tourist attractions.
(With inputs from TOI)
