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.

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