Egypt Considers British Media Contract CAIRO - $300 million

CAIRO -- Egypt has sent a British-based consortium led by Sony Broadcast and Professional an invitation to start negotiations on a contract...

CAIRO -- Egypt has sent a British-based consortium led by Sony Broadcast and Professional an invitation to start negotiations on a contract likely to be worth more than $300 million, a consortium executive said on Tuesday.
The Sony consortium was the lowest bidder for the contract to build Egypt a television production complex including six television studios, along with administrative buildings, workshops and support facilities.

It is part of a massive project dubbed ``Hollywood on the Nile'' in Sixth of October City, an industrial satellite city in the desert about 30 km (20 miles) west of Cairo.

The consortium includes Sony Broadcasting and Professional (6758.T), Trafalgar House Construction International (KVIO.N), Strand (STRJ.J)Lighting and Quantel, said Robin Blackmore, director of international marketing at the Trafalgar House company.

``We have received a letter from the Egyptian Radio and Television Union inviting us to start negotiations. The negotiations will start on Sunday,'' he told Reuters.

``We will be negotiating the contract conditions and no doubt some technical issues. Hopefully this will lead to us signing the contract,'' he added.

The authoritative Middle East Economic Digest said last week the Sony consortium had put in a bid of 1,097 million Egyptian pounds ($323 million) for the contract, about 10 percent lower than a bid by Philips (PHG.AS)of the Netherlands, with French partners BTS Studios and SAE International (AUEP.PA).

Blackmore confirmed the figure was about right for the Sony consortium's bid.

``It's a major project of its kind and would mean about five years of work for Trafalgar House,'' said an industry analyst.

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Today's Latest news, Know What's happening in India- with Timesnowindia.com: Egypt Considers British Media Contract CAIRO - $300 million
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