Orascom Construction Wins US$420 mln Infrastructure Contract In Saudi Arabia

OCI N.V. announced today that the Orascom Construction Industries’ Construction Group (OCIC.CA), through its subsidiary Orascom Saudi Limited Company (OSL), has concluded negotiations for the award of infrastructure contracts worth a combined value of SAR 1.6 billion (US$ 420 million).

The projects will be executed at several locations in Saudi Arabia, where the Construction Group is currently executing approximately US$ 790 million worth of work, excluding these new contracts.

OCI Construction Group Chief Operating Officer, Osama Bishai, commented: “These contracts reflect the OCI Construction Group’s on-going commitment to expand our Saudi Arabian operations. We are well positioned to continue to grow our Saudi Arabian backlog by capitalizing on our strong track record in executing large-scale infrastructure projects in Saudi Arabia.”

OCI expects to formally sign the contracts in the coming weeks.