Monday, Dec 19, 2011
CAIRO (Zawya Dow Jones)--Orascom Construction Industries, or OCI, Egypt's biggest publicly traded builder, has won a development contract for the $93 million Village Garden Katameya project in east Cairo
The contract was awarded to OCI by Palm Hills Development, which is developing the project jointly with U.A.E.-based Burooj Properties, the real-estate investment arm of Abu Dhabi Islamic Bank, Burooj said in an emailed statement. The project is due to be completed in 2014.
The mixed-use development, which spans 284,796 square meters, includes standalone villas, town houses and apartments as well as green spaces, according to the statement.
OCI shares Sunday closed down 3.8% at EGP204.08 on the Egyptian bourse.
-By Farah Halime; Contributing to Dow Jones Newswires; Fhalime@gmail.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
19-12-11 0809GMT
