EMPC grants Al Hokair Group rights to redevelop Magic Land

The Egyptian Media Production City’s board of directors has agreed to grant Saudi Arabia’s Al Hokair Group the rights to redevelop and manage Magic Land under a 30-year license, according to a company disclosure (pdf). Al Hokair will invest a minimum of USD 30 mn over the 30 years in the project. The agreement will also see Al Hokair pay EGP 12 mn per annum for the rights, and redevelop the park under a build-operate-transfer framework.