EMPC Grants Magic Land Usufruct Right
to "Land Mark Fischer" Group UA

Egyptian Media Production City Co. (EMPC) Board has approved granting the usufruct right of the Magic Land to Land Mark Fischer Group based in Dubai for 25 years liable to be renewed

According to this agreement, Land Mark Group will pay to EMPC 8 million EGP in the first year and 15 million in the second plus 2% annual increase starting from the third year till the contract termination. That's in addition to the investments which will be handed over to EMPC by the end of the agreement duration as Land Mark Group will invest US$ 65 million during the usufruct period, 30 millions during the first two years only.

Mr. Said Helmy, EMPC chairman has confirmed that the agreement between EMPC and Land Mark group will not affect the current labor power welfare as the group will be responsible for their salaries, bonuses and all rights related to work laws, starting from the handing over in 1st July 2009.

Helmy says that this agreement will lead to changing the current rides at the Magic Land and updating them every now and then to be up to the major entertainment cities standard worldwide. This investment is considered an important economic step towards increasing EMPC revenues and profits, the matter that will benefit both EMPC and the shareholders.