Egypt's Orascom Construction Industries signed a deal with real estate developer Palm Hill and which it agreed to provide the developer with infrastructure and will possibly undertake additional projects over the next two to four years, Orascom said on Wednesday.
Under the agreement, Orascom will develop infrastructure in Cairo, Greater Cairo, Ain Sokhna and Egypt's north coast. It may also, potentially, undertake other projects, including malls, hotels and office parks.
"Under the agreement, OCI will start three projects -- one in the north coast and two in the Greater Cairo area -- with an expected value exceeding LE600 million ($104.2 million), the company said in a statement.
With this deal, PHD will be able to simultaneously work on its19 existing projects, as well as begin work on nine new ones. Working with OCI, Egypt's top contractors, provides PHD immense flexibility and gives it a huge advantage as it strives to fulfil its business commitments.