Orascom Construction adds $650 mln to Egypt, U.S. Q2 businesses
Egypt’s Orascom Construction Ltd announced Sunday it has added $650 million of new awards to its backlog in Egypt and the U.S. during the second quarter of the year.
The value of new awards in Egypt during the second quarter stood at approximately $415 million across vital sectors such as transportation, water, and new urban developments including the Alamein city, the engineering and building giant said in a statement.
A portion of these projects has commenced under a letter of intent and execution is underway, the statement read.
In the U.S., Orascom said it signed new contracts valued at approximately $235 million during the second quarter, marking an uptick in activity compared to the first quarter as expected.
“These new awards are comprised of projects across the commercial, infrastructure, and industrial sectors, including the Stage 2 extension to the PHX Sky Train® guideway and maintenance facility at Phoenix Sky Harbor International Airport in Arizona.” the company said.
Orascom Construction, controlled by Egypt’s billionaire Sawiris family, is listed in both NASDAQ Dubai and Egyptian stock exchange (EGX). Naguib Sawiris is the biggest shareholder in the engineering and building giant.