|16 January, 2020

Egypt-based Orascom adds $770mln of new awards to backlog in Q4

Projects in Egypt comprised 70% of new awards during Q4 201

Egypt-based Orascom Construction, a leading global engineering and construction contractor, said it has added approximately $770 million of new awards to its backlog in the fourth quarter (Q4) of 2019.

This brings total new awards in FY 2019 to $3.5 billion, marking an increase of 50 per cent y-o-y and underscoring the Group’s success in adding wide-ranging, well-funded projects while maintaining its selective criteria.

Projects in Egypt comprised 70 per cent of new awards during Q4 2019 across market segments including infrastructure, healthcare, logistics and roads. New awards in the US, which accounted for the balance, were mostly comprised of projects in the Group’s core student housing, commercial and data center sectors.

The estimated consolidated backlog stood at $5.2 billion as of December 31, 2019 compared to $4.3 billion as of December 31, 2018. – TradeArabia News Service

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