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Pyramids bidders to be required to make permanent payments to SLCC

Thursday 14 February 2019 10:38 PM

Sound & Light Show
Sound & Light Show

By Ahmed Ashour & Doaa Mahmoud
The Egyptian government finished off  a new tender booklet for Sound & Light Shows at Giza Pyramids with it  stressing for a minimum permenant paymements to be exacted from  the project's US dollar-denominated revenues. 
" With the aim of dodging the inflationary effects depreciating the local currency, Sound & Light & Cinema Company will require the winning bidder to  make  a minimum  US dollar - denominated payments even at severest downturns, given the payments are exacted from total revenues, not net profits," said chairman of SLCC Sameh Saad. 
Since the annulment of SLCC's contract with Orascom Prism Pyramids, Ministry of Public Business Sector was preparing a  new blueprint of tender specifications for the project with the aim of circumventing the disadvantages of 2015's first offering. 
" SLCC's tender booklet contains a 16-month timetable for carrying out the project as well as an article stipulating contract with the winning bidder to be scrapped in case of falling behind schedule in its works," said he, adding that the conditions booklet also contains a provision granting SLCC the right to pick the workers. 
 Minister of Public Business Sector Hisham Tawfiq had said that SLCC's contract with France-based Prism International and Orascom Investment Holding was " legally defective," because it contained no penality clauses. 
Additionally, the project's tender booklet will also contain strict requirements spanning longer years of experience, solid solvency and higher technical credentials, he said, adding that " a restaurant tenant will never  be allowed again to bid for this project." 
A source told Al-Mal newspaper that only two bidders, Prism International and Egypt-based Three Hundred, competed back in 2014 to get the contract. 
" The French company could easily win the bid contract because it has a far stronger solvency than Three Hundred Co., whose only credential is renting a cafeteria owned by SLCC at Giza's Pyramids," said the source.