Grand Egyptian Museum Set to Open in November
Cairo, Egypt – the Egyptian government has officially announced the long-awaited opening of the Grand egyptian Museum (GEM) will take place in November. The proclamation confirms months of speculation regarding the museum’s launch date,marking a significant milestone in Egypt’s cultural and tourism sectors.
Located in Giza, near the pyramids, the GEM is poised to become the largest archaeological museum in the world dedicated to a single civilization. Construction began in 2005 at a reported cost exceeding $1 billion, funded through a combination of Egyptian government resources and international loans, including a $300 million loan from the Japan Bank for International Cooperation.
The museum will house an estimated 50,000 artifacts, including the complete Tutankhamun collection, many of which have never been publicly displayed. Key exhibits will also feature artifacts from predynastic and Old Kingdom periods, showcasing the breadth of Egypt’s ancient history. The museum’s design,by Irish architectural firm heneghan Peng Architects,incorporates a translucent stone façade and a grand atrium offering views of the Giza pyramids.
The opening of GEM is expected to significantly boost Egypt’s tourism industry, which has been recovering following periods of political instability. Egyptian authorities anticipate an increase in international visitors,contributing to economic growth and job creation.The museum is projected to attract over 15 million visitors annually once fully operational.
Egyptian Pound Exchange Rate Update
In related economic news, the Egyptian pound continues to be monitored closely against the US dollar. As of the close of trading on Wednesday, November 1st, the exchange rate varied across 11 major Egyptian banks. The National Bank of Egypt recorded a rate of 30.90 pounds per dollar, while Banque Misr showed 30.95 pounds. Other banks reported rates ranging from 30.85 to 31.00 pounds per dollar, reflecting ongoing market fluctuations. These rates are crucial for businesses and individuals involved in international transactions.
