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FINANCIAL NEWS
Besix gets $265m Bahrain causeway contract
15 Jun 2010
(MENAFN) Egypt’s biggest listed builder Orascom Construction Industries (OCI) said that its 50-percent owned subsidiary Besix Group has been granted a $265 million contract to build a causeway in Bahrain, Reuters reported.
Besix Group’s stake in the joint venture with Bahrain’s Haji Hassan Group will be 78 percent, or nearly $203 million, Orascom said in a statement.
This project entails 2.42 km of causeway road on reclaimed land and 1.6 km of existing road reconstruction. The project will provide road access to the Bahrain Financial Harbor (BFH) and Bahrain Business Bay. It will also include upgrades to the King Faisal highway and the Al-Fateh junction.
The project is slated for completion during the second quarter of 2013, according to the statement.
The Besix Group also expects future upgrade plans for the east-west route of the King Faisal highway, the statement said.
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