Daily News Egypt

EGP 2bn investments in cooperation project with Estadat: Minister of Youth and Sports - Daily News Egypt

Advertising Area




Advertising Area



EGP 2bn investments in cooperation project with Estadat: Minister of Youth and Sports

Soon, organisational structure for project will be announced, in cooperation with sponsor Presentation company, says Sobhy


The Ministry of Youth and Sports targets investments worth EGP 2bn from signing a contract with Estadat company to develop and manage 15 stadiums affiliated to the ministry throughout the country.

Ashraf Sobhy, the minister of youth and sports, told Daily News Egypt that the ministry is working to accurately survey the investments, however initially, they exceed EGP 2bn, as the company will manage the stadiums, develop them, and continue working on some of their facilities.

Estadat has signed a contract with the ministry in order to develop and manage the stadiums of Ismailia, Suez, Port Said, Damietta, Alexandria, Benha, Damanhour, Kafr El Sheikh, Shebin El Kom, Mansoura, Tanta, Fayoum, Minya, Souhag, and Aswan, according to the usufruct system for 15 years.

Mohamed Kamel, the chairperson of Estadat, said that the value of the usufruct is EGP 400m, in addition to an initial budget for the development and maintenance, as well as employee salaries, worth EGP 1.5bn, with the possibility of the value reaching up to EGP 2bn.

The development plan—whose first phase should be completed within 24 months—includes strengthening the mobile networks and extending Wi-Fi coverage to all the stadiums, as well as upgrade bathrooms, improve stadium screens, developing journalists’ cabin, enhancing the lighting and efficiency of the pitches, banners, switchboards and internal broadcasting.

Sobhy revealed that the artificial grass factory at the Hike Step will start in early December and will be of German quality.

The minister indicated that the volume of investments in the factory is estimated to be EGP 100m, which could potentially increase to EGP 200m over the upcoming period.

He remarked that the ministry is currently considering establishing a factory for balls. The number of balls consumed by Egypt is presently being surveyed in order to determine the volume of the factory’s investment and its operational capacity.

Sobhy estimated the revenues of offering youth centres to the private sector so far to be EGP 200m from the contracts signed, noting that the state is currently aiming to reach EGP 500m from the project by the end of this year.

The ministry of youth and sports has offered its assets in youth centres to the private sector according to the usufruct system from five to nine years in 11 governorates in the first phase, which included Alexandria, Beheira, Sharqeya, Gharbeya, Giza, Beni Suef, Assiut, Souhag, Qena, Luxor and New Valley.

The minister added that the maintenance expenses spent by the ministry over the past four months were estimated to be EGP 102m. Most of the amount went to sponsoring champions and leagues through the Olympic and the Paralympic committees.

He added that the budget of the national project for talents and youth, which includes preparing the talented in weightlifting, athletics, taekwondo, judo, boxing, table tennis, handball and basketball, is EGP 34m, with EGP 24m for the national project for youth, and EGP 10m for the talent and Olympic champion project.

He explained that a budget for the Thousand Professionals project has not yet been determined. Its financing is expected to be self-funded through investments, a hotline, TV shows, ads and sponsors.

He declared that the project is a long-term investment that the state expects revenues from a minimum of at least two years. Over the upcoming period, an organisational structure for the project will be announced, in cooperation with Presentation company, which is sponsoring the project.

Advertising Area

Advertising Area



https://dailynewssegypt.com/2018/11/17/egp-2bn-investments-in-cooperation-project-with-estadat-minister-of-youth-and-sports/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe