Orascom Construction, Ora Developers sign agreement for Phase I of ZED Sheikh Zayed

The multi-purpose project consists of six phases with over 4,500 fully finished residential units

  
Construction workers are seen at new houses on the outskirts of Cairo, Egypt, October 21, 2019.

Construction workers are seen at new houses on the outskirts of Cairo, Egypt, October 21, 2019.

REUTERS/Shokry Hussien
ArabFinance: Orascom Construction PLC (ORAS) signed an agreement with Ora Developers to build the first phase of ZED Sheikh Zayed in Egypt, according to the company's May 12 statement filed to the Egyptian Exchange.

Ora Developers also signed an agreement worth EGP 1 billion with Banque Misr dedicated to the first phase of the project.

The multi-purpose project consists of six phases with over 4,500 fully finished residential units and an administrative commercial complex.

The first stage awarded to Orascom Construction includes around 600 housing units. The scope also includes the construction of a three-story garage, a two-level mall and four 17-story apartment towers.

Ora Developers aims to continuously develop sustainable neighborhoods and support the Egyptian market with new concepts, and innovative projects that intertwine beauty, luxury and practicality with affordable prices most vividly reflected in ZED Sheikh Zayed and ZED New Cairo.

The company reported a consolidated net profit of $131 million in 2019, an 18% decline from $154.7 million in the corresponding year.

Standalone profit reached $12,170,856 in 2019, against a net loss of $36,339,899 in 2018.

Orascom Construction PLC, formerly known as Orascom Construction Ltd, is a UAE-based engineering and construction contractor. The company is primarily focused on infrastructure, industrial and high-end commercial projects in U.S., the Middle East, Africa, and Central Asia for public and private clients.

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