Orascom construction seals $650mln contracts in Egypt, US

Orascom has already begun executing part of these projects and signing related final documents

  
An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017. Image for illustrative purposes.

An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017. Image for illustrative purposes.

REUTERS/Amr Abdallah Dalsh

Cairo: Orascom Construction Ltd has added $650 million contracts to its under-construction businesses in Egypt and the US during the second quarter of 2018.

The international engineering and construction contractor has sealed $415 million new contracts in Egypt, including projects in the sectors of transport, water, and urban development such as El Alamain city, Orascom said in a filing to the Egyptian Exchange (EGX).

The EGX-listed firm has already begun executing part of these projects and signing related final documents, the company added.

Moreover, the company has signed new business contracts in the US valued at around $235 million during Q2-18, according to the filing.

The new contracts include projects in the fields of commercial buildings, infrastructure, and industry, such as the second phase of developing PHX Sky Train and the maintenance of Phoenix Sky Harbor in Arizona, Orascom highlighted.

Orascom Construction previously reported it had turned to losses in the first five months of 2018, recording standalone loss of $537,600, compared to a net profit of $6.48 million in the prior-year period.

Source: Mubasher

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