Egyptian developments cross sectors including renewable energy, marine and commercial buildings dominate new orders
Egypt's Orascom Construction adds $650 million of contracts in Q4
Orascom Construction, the Dubai-listed Egyptian builder, added $650 million worth of contracts to its backlog in the fourth quarter of 2017, dominated by projects in its home market, it said on Monday.
The firm added around $580m of projects in Egypt during the three months to the end of December, across sectors including renewable energy, marine and commercial buildings.
Orascom in December announced the financial closure of a 250 megawatt wind farm on the African side of the Gulf of Suez. Orascom is developing the project on a build, own and operate basis, in conjunction with Japan's Toyota Tsusho, Eurus Energy Holdings and French Engie.
US contracts made up the bulk of other projects awarded, mainly within the private sector.
“We are maintaining our policy of securing quality projects in which we have a competitive edge, and are pleased with the continued momentum across our bidding pipeline,” said the Orascom chief executive Osama Bishai.
“We are also particularly proud of our recent investment in the 250MW build-own-operate wind farm as it underscores our strategy to pursue infrastructure investments that create new construction opportunities and long-term value for shareholders.”
Orascom in November reported a 13.8 per cent drop in third-quarter profits, as losses from its US operations outweighed increased profitability among its operations in the Mena region.