Egyptian billionaire Naguib Sawiris is investing another 500 million Egyptian pounds (about $10 million) to continue the redevelopment of the Giza Plateau, with plans to turn the famous pyramids into a year-round destination for concerts, sporting events and premium tourism.The new investment takes the total amount spent on the project by Orascom Pyramids Entertainment to around 2 billion Egyptian pounds (about $41 million), according to Business Insider Africa.The redevelopment began in 2018 after the Egyptian government signed a public-private partnership with Orascom Pyramids Entertainment to improve the visitor experience at the Giza Plateau, home to the Pyramids of Giza and the Great Sphinx. The company believes the project will benefit from Egypt’s strong tourism recovery.Naguib Sawiris belongs to one of Egypt’s wealthiest families. His brothers, Nassef and Samih Sawiris, are also billionaires. He built his fortune in the telecom sector and sold Orascom Telecom to Russian telecom company VimpelCom, now known as Veon, in a multibillion-dollar deal in 2011. He currently serves as chairman of Orascom TMT Investments, which holds stakes in several companies, including an Egyptian asset management firm and Italian internet company Italiaonline.
Concerts and sports
The latest investment will be used to add 30 electric hop-on, hop-off buses and build a 15,000-seat open-air sports arena at the site.Orascom Pyramids Executive Chairman Amr Gazarin said the company still has another 10 years under its agreement with the Egyptian government to modernise the visitor experience at the historic site.Unlike many tourism projects, the Egyptian government continues to keep all revenue from entry tickets to the pyramids. Instead, Orascom earns money through VIP tours, restaurants, commercial leases, sponsorships and hosting events.Gazarin said concerts and sporting events alone are expected to generate up to 200 million Egyptian pounds (about $4.1 million) in revenue this year. He also expects the business to break even in 2027.
Great pyramis of Giza (Getty images)
Egypt’s tourism plan
The investment comes as Egypt’s tourism sector continues to recover. The country welcomed around 19 million visitors in 2025, making it Africa’s second most-visited destination after Morocco.Egypt is targeting 20 million tourists in 2026, and more than 9 million visitors had already arrived during the first half of the year.Before the redevelopment began, the Giza Plateau received about 2.5 million visitors each year. Orascom now aims to increase that number to 5 million visitors next year.
The Giza Plateau
The Giza Plateau is located about 13 kilometres southwest of central Cairo and is home to the Great Pyramid of Khufu, the Pyramid of Khafre, the Pyramid of Menkaure and the Great Sphinx.Built during Egypt’s Fourth Dynasty around 2600–2500 BC, it is one of the world’s most important archaeological sites.The plateau also includes ancient temples, burial sites and smaller pyramids built for members of the royal family. Archaeologists continue to study the area, with new discoveries still being made from time to time.It is also part of UNESCO’s World Heritage Site, “Memphis and its Necropolis”, and remains one of Egypt’s biggest tourist attractions.
