Cairo – Orascom Construction Plc has signed an agreement with the Internal Trade Development Authority (ITDA) to build, own, and operate a strategic warehouse in Egypt's Fayoum governorate.
The strategic warehouse is part of the first phase of a larger programme that will significantly contribute to providing modern logistics and warehousing of important commodities across Egypt, according to a press release on Wednesday.
The project is set to utilise cutting-edge technology and efficient operational methods to meet existing and future needs for these commodities.
Construction of the project is forecast to begin once financing is obtained and is set to take up to 15 months.
This project is part of Orascom Construction’s efforts to pursue investments that provide construction opportunities and long-term recurring income. It also builds on the group’s existing investments and operation and maintenance contracts across the sectors of renewable energy, water treatment, wastewater treatment, transportation, and facility management.
In the first half (H1) of 2022, Orascom Construction recorded net earnings of $40.50 million, down from $53.40 million in the same period in 2021.
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