OCI subsidiary Contrack International is awarded a US$ 355 million contract for the construction of the Science & Technology Park in Qatar's Education City
Cairo, Egypt - Orascom Construction Industries announced that its construction subsidiary Contrack International in joint venture with local contractor Darwish has been awarded a US$ 355 million turn-key contract for the construction of the new Science & Technology Park in Doha - Qatar. Contrack's scope of work includes the construction of five main building structures in addition to the Park's infrastructure and landscape works. The project is expected to be completed on a fast track basis in 20 months. The project is being financed by the Qatar Foundation for Education, Science and Community Development, a charitable foundation established by Sheikh Hamad Bin Khalifa Al-Thani, Qatar's Emir and head of state. The new Science & Technology Park is designed by the renowned Australian architecture firm Woods Bagot which has significant experience in the design of state-of-the-art educational facilities in various countries. Designed on a heritage site on the outskirts of Doha, the Park will include flexible educational and scientific facilities as well as retail, leisure and residential accommodation.
This new contract is Contrack's fifth in the Education city. In April 02, a Contrack / Darwish joint venture was awarded a US$ 71 million contract for the construction of the Weill Cornell Medical College facilities which were also completed on a fast-track basis in 14 months. Since then, Contrack has also been awarded two contracts with a combined value of US$ 129 million for the erection of all infrastructure works in the Education City and the construction of a residential compound for teachers and employees. Contrack was also awarded a US$ 13.3 million contract for the construction of the Al-Jazeera news network's new building for its children's television channel. OCI Chief Executive Officer, Nassef Sawiris commented "we are pleased to receive our fifth consecutive contract in the Education City project in Qatar. The repeat business emphasizes our client's confidence in our ability to deliver high quality work on a fast track basis thus accommodating the project's ambitious construction schedule."
During 2005, OCI expects its consolidated contract awards to reach a new record of around US$ 2 billion by the close of the year reflecting strong growth in the region. Sawiris also added "We expect the construction market to experience sound growth during 2006 driven by large industrial and petrochemical projects in the Middle East and North Africa."
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Orascom Construction Industries
Orascom Construction Industries (OCI) is a leading cement producer and construction contractor active in emerging markets. As a cement producer, we own and operate cement plants in Egypt and Algeria which have a combined annual production capacity of 13.5 million tons. Our new investments in Pakistan, northern Iraq, Nigeria, Algeria, the United Arab Emirates and Spain will increase our annual production capacity to 28 million tons by 2007. As a contractor, we provide engineering procurement and construction services on industrial, commercial and infrastructure projects for private and public customers principally in the Middle East, Africa and Central Asia. For additional information on OCI: www.orascomci.com
For more information please contact:
Hassan H. Badrawi
Investor Relations Director
Tel: +202 461 1039/1036
Email: hassan.badrawi@orascomci.com
Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil, Cairo, Egypt
Tel: +202 461 1111, Fax: +202 461 9400
OCI stock symbols: OCIC.CA / ORCI EY / OCICqL / ORSD LI
© Press Release 2006
