Orascom Construction (Photo: Courtesy of OCI website)
Global contractor Orascom Constructions Limited (OC) obtained two contracts worth €270 million in the development of the third phase of Cairo's third metro line, the company said on Monday.
The dually listed company in NASDAQ Dubai and Egypt's bourse, will complete the civil works in a consortium with VINCI, Bouygues and Arab Contractors, and the track works in a consortium with TSO (NGE Group) and ETF, a subsidiary of Eurovia.
The contracts bring Orascom's total share in the third phase of Cairo's third metro line to €375 million, which is being provided by French and European entities, the statement read.
In November 2015, Egypt signed deals with French consortiums to develop the third phase of Cairo's third metro line with funding from the French Development Agency, the European Investment Bank and the European Union.
Once fully completed, the third line is expected to run from Cairo airport to Cairo University, passing through downtown Cairo and the densely populated, working class district of Imbaba.