Cairo- Mubasher: Orascom Construction Limited (OC) announced that its 50-50 joint venture with the Arab Contractors has signed a €590 million (EGP 5.9 billion) contract with the National Authority for Tunnels (NAT) to execute phase 4B of Cairo metro line III.
OC’s portion of the contract amounts to €295 million (EGP 2.97 billion), according to the company’s filing to the Egyptian Stock Exchange (EGX).
Phase 4B follows the Group’s previously announced contract awards for the third line of the Cairo Metro. The Group is currently executing contracts amounting to approximately €375 million for phase III and €90 million for phase 4A.
“The joint venture will be responsible for the full scope of this new phase, which will stretch 6.1 km across a viaduct and five elevated stations,” added OC in its statement.
The company is currently executing €375 million contracts for phase III and about €90 million for phase 4A.
