OCI wins award for Egyptian Grand Museum

Reuters, Tuesday 20 Dec 2011

A new bid won by Orascom Construction Industries to work on the Egyptian Grand Museum could boost its share in the Stock Exchange after a series of losses

Egypt's Orascom Construction Industries (OCI), the country's biggest listed property developer, said on Tuesday it has won an $810 million contract for work on the Egyptian Grand Museum in a joint venture with BESIX Group.

OCI said the project, located on the Cairo-Alexandria highway overlooking the pyramids, was awarded on a turnkey basis and the final signing is expected within days.

The Grand Museum, which will showcase about 100,000 ancient Egyptian artifacts in the main exhibition hall, is expected to be completed by July 2015. It will also have an advanced security and communication system to secure the artifacts.

"The Egyptian Grand Museum will be the first iconic building in Egypt's modern history and will create approximately 5,000 jobs during the course of its construction," OCI's construction group managining director Osama Bishai said.

"It will also be a great addition to Egypt's tourism industry," Bishai added.

The project is 65 per cent funded by the Japanese International Cooperation Agency and will be overseen by Egypt's Supreme Council of Antiquities.

Besix Group is a 50-50 joint venture between OCI and Belgian construction group Besix.

Short link: