Orascom Construction adds $650m to its projects portfolio in Q1-21

Orascom Construction has added $650 million new contracts to its backlog during the first quarter (Q1) of 2021, up 8 percent when compared to the year-ago period.

The projects in Egypt have represented 85% of the new awards signed across several sectors, including healthcare, roads, and infrastructure, during the first three months of 2021, according to recent statement

Meanwhile, the new awards in the US, which accounted for the balance, were mostly comprised of commercial and light industrial projects.

The estimated consolidated backlog settled at $5.3 billion as of 31 March 2021.

It is noteworthy to mention that during the fourth quarter (Q4) of 2020, the company’s consolidated new awards rose by 16 percent YoY to $920.2 million.