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FINANCIAL NEWS
Orascom Construction wins USD450m Saudi infrastructure deal
08 Jul 2011
(MENAFN) Orascom Construction’s (OCI) COO, Osama Bishai, said that the company’s Saudi subsidiary signed a USD450 million infrastructure contract in Saudi Arabia, reported Arab News.
Bishai added that the operations, which would span over the period of two years, would include civil, mechanical and electrical works including 2.1 million square meters of roads, walkways, in addition to the supply and the set up of 146 km of piping for the storm water, waste and potable water systems.
He also said that the company which had operations in Egypt, Abu Dhabi, Saudi Arabia, Qatar and Morocco made 43 percent of its first quarter’s revenue from projects in the Middle East and North Africa, nevertheless, the political unrest in Egypt forced the company to postpone the launch and the construction of a number of projects in the country.
It is worth noting that Egypt’s OCI’s first quarter net profit rose 77 percent, and in 2011, the company would start several regional infrastructure projects.
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