Orascom Construction adds $960mln to backlog in Q3
Projects in Egypt made up 65% of new awards in Q3 2021
An Orascom construction worker poses at Egypt's new administrative capital, approximately 45 km (30 miles) north of the current capital Cairo, Egypt October 18, 2017. Picture taken October 18, 2017.
REUTERS/Amr Abdallah Dalsh
By Staff Writer, Arab Finance
ArabFinance: Orascom Construction PLC (ORAS) announced that its backlog witnessed a 42% year-on-year (YoY) growth in the third quarter (Q3) of 2021, according to a press release.
The company’s backlog recorded new awards of $960 million in Q3 2021, bringing total new awards during the first nine months of 2021 to $2.8 billion.
Projects in Egypt, including the contract of the design, installment, and commission of Egypt’s first high-speed rail system, made up 65% of new awards in Q3 2021.
Meanwhile, projects in the US accounted for 35% of new awards in Q3 2021, driven by major projects in the student housing sector.
The company’s consolidated backlog has been estimated at $6.1 billion at the end of September 30th, 2021.
Orascom Construction PLC is a UAE-based engineering and construction contractor. It is a global engineering and construction contractor primarily focused on infrastructure, industrial, and high-end commercial projects in the Middle East, Africa, and the US.
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