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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 companys 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 Egypts 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 companys 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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