Last Update 20:53
Thursday, 14 November 2019

Egypt's Orascom wins $450 million in Saudi construction projects

Egypt's biggest listed company says it will complete wide range of civil, mechanical and electrical works in the Kingdom within two years

Ahram Online, Wednesday 6 Jul 2011
Orascom
Orascom logo
Share/Bookmark
Views: 3547
Share/Bookmark
Views: 3547

Egypt's Orascom Construction (OCI) announced Wednesday its Saudi Arabian subsidiary has been awarded infrastructure work in the Kingdom worth US$450 million.

Construction work and public private partnership projects (PPP) in Egypt and other Middle East countries have stalled in the wake of regional unrest.  But OCI, Egypt's biggest listed company, says it is confident about demand in Abu Dhabi, Saudi Arabia, Qatar and Morocco, which have so far avoided turmoil.
 
"This contract marks a major step forward in establishing OCI in Saudi Arabia and positions us for further opportunities in the future," OCI's Chief Operating Officer Osama Bishai said in a statement. 
 
The Saudi work will include civil, mechanical and electrical works including 2.1 million square meters of roads, walkways, the supply and installation of 146 kilometers of piping for the storm water, waste and potable water systems.  Construction will take two years, OCI said.
 
OCI reported a 77 per cent jump in 2011 first-quarter net profits and has claimed it is well positioned to pick up regional infrastructure projects in 2011. 
 
The firm recently said the World Bank's International Finance Corporation (IFC) was considering debt and equity investments in the company worth $350 million.
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.