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FINANCIAL NEWS
Egypt’s Orascom wins USD59m contract
11 Mar 2013
(MENAFN) Orascom Construction Industries (OCI) has secured a USD59 million contract from Palm Hills to develop a luxury housing project, The Construction Week magazine reported.
OCI said in a statement that it was licensed to begin construction on 2 million-m2 Golf View project, west of Cairo, that was first launched in 2007.
The project, which comprises 550 residential units, is slated for completion by 2014-2015, according to Beltone Financial.
Beltone said that the deal is good news for both companies, although OCI had been hesitant to enter into agreements with Palm Hills, which has suffered from liquidity shortfall and rumors that it had postponed loan repayments.
More News
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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