Orascom Construction Awarded $300m Contracts In Egypt And KSA

Orascom Construction (OC) recently signed $300m in contracts, securing new work in Egypt and Kingdom of Saudi Arabia (KSA), according to an official statement issued by the company.

“In Egypt, OC has been awarded several new commercial packages to support real estate developers, including Emaar Misr and Palm Hills Development,” the statement read.

“The company has secured infrastructure contracts in several municipalities throughout the country,” the statement added.

Mother company OCI NV signed contracts to work in the United Arab Emirates (UAE), Qatar and the United States, also in 2014.

OC Chief Operating Officer Osama Bishai said: “Our wholly owned brands have enjoyed a strong start in 2014, securing new work in several core markets with a total contract value exceeding $600m.”

Bishai said that the company’s management is confident in OC’s ability to outperform initial forecasts.

OCI NV owns 50% of BESIX Group, a company which has also been awarded new contracts in the UAE, KSA and Qatar totaling $670m.

BESIX Group will conduct infrastructure work on four new bridges connecting various islands in Abu Dhabi, a new expressway in Qatar and a new Kempinski Hotel in Jeddah.

Source: Daily News Egypt