INVESTMENT WATCH- EMPC expands Al Hokair Group’s rights in developing Magic Land: The Egyptian Media Production City’s (EMPC) board approved expanding its agreement with Al Hokair Group to redevelop and manage Magic Land under a license, EMPC said in a bourse filing (pdf). Under the new contract, Al Hokair will invest USD 55.9 mn instead of USD 30 mn over a bigger land area of 281.5 sqm. Al Hokair will pay EGP 22.3 mn per year for the rights, and redevelop the park under a build-operate-transfer framework.

EMPC opens foreign media center: EMPC yesterday opened a new center in downtown Cairo for foreign media, Ahram Online reports. The five-floored building provides direct connection to satellites and is equipped with cameras, while other production facilities are available at three affiliated studios in Agouza, Garden City and Maspero.

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