Orascom Construction has added $1.8bn worth contracts to the projects in progress in the second quarter (2Q) of 2022.

The company explained that this brings the total value of new contracts in the first half (1H) of fiscal year 2022 to $2.4bn, an increase of 55% compared to last year.

It pointed out that projects in Egypt represent 70% of the total value of new contracts signed during the second quarter of this year.

It explained that the group has strengthened its integrated role in developing a high-speed rail system in Egypt by signing a new phase for this project with a length of 1,325 km.

New contracts in the United States represent 30% during the second quarter of 2022, most of which were concentrated in projects in the data centres and commercial buildings sectors.

The expected value of the projects under implementation amounted to $6.4bn on 30 June.

Yesterday, the Sustainable Capital Africa Alpha Fund raised its stake in the capital of Orascom Construction Plc from 13.28% to 14.27%.

The fund bought 245.342 shares of the company, with a total value of EGP 57.99m.

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