Cairo – Mubasher: Orascom Construction Ltd (OC) added new projects valued at about $750 million to its under construction projects in the Middle East, particularly Egypt, and the United States during the third quarter of 2017.
OC, which is listed on NASDAQ Dubai and the Egyptian Exchange (EGX), will execute new projects related to infrastructure and buildings work selection in Egypt at about $550 million, the firm added in a press release on Tuesday.
Osama Bishai, CEO of Orascom Construction, commented: “We are pleased to add a diverse mix of quality projects to our backlog across our main geographic markets.”
“We had indicated that we are pursuing an active bidding pipeline in MENA and USA, and remain confident of our ability to secure additional work that fits our criteria,” he noted.
Additionally, MubasherTrade Research forecasted new awards are to reach %2.19 billion in 2017 and backlog to reach $4.19 billion in the same year. Therefore, the figure announced represents 34% of our forecasted new awards.
In September, OC announced that its 50:50 joint venture with FCC Aqualia, a subsidiary of FCC, signed an engineering, procurement, and construction (EPC) contract of $320 million to build Abu Rawash Wastewater Treatment Plant in Egypt.
In August, OC posted that its consolidated profits grew 21.24% to $58.8 million in the first half of 2017, compared to $48.5 million in H1-16, including minor shareholders’ rights.
