Grand Egyptian Museum project moves forward
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The Grand Egyptian Museum (GEM), which culture officials say will be finished by 2012 at a cost of about US$592 million (Dh2.2bn), will improve the way Egypt’s celebrated patrimony is preserved and displayed to millions of visitors from around the world.
Last year, GEM secured $300m from the Japan Bank for International Co-operation in the form of a soft loan, payable over 30 years at low interest. The Egyptian government, meanwhile, will pitch in $147m, while the rest of the about $150m is expected to come from private donors, foreign companies and international organisations. The museum itself will directly employ a staff of about 500 people along with about 1,300 support jobs, such as maintenance and cleaning. But the cash-carrying tourists will contribute to “downstream” business such as outside hotels, restaurants and transportation – an add-on benefit excepted to generate about 10,000 employment opportunities outside the museum.
For now, the Egyptian government is preparing to launch a tender for a construction firm before the end of the year – almost 17 years after a presidential decree allocated land for the project.
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