Orascom inks $141m deal with Emaar Misr
Egyptian contractor to build Mivida and Marassi residential projects
Orascom Construction Industries (OCI), Egypt’s largest general contracting firm, has signed a deal with Emaar Misr for two projects worth a combined $141m.
Emaar Misr, a wholly owned subsidiary of Dubai-based developer Emaar Properties PJSC, has appointed OCI to complete work on its Mivida residential development in New Cairo and villas at its Marassi project on the north coast of Egypt, North residential projects.
The Marassi project is a $1 billion 1,544-acre tourist and residential development in Sidi Abdul Rahman in which Orascom will build villas as detailed under Package 18 of the project, as well as Village D. OCI will also build Estate Villas, Palmera townhouses and other villas at the $645m billion Mivida residential community located within Cairo's fifth district.
The scope of the work covers the construction of the concrete skeleton of each of the buildings, and the interior and external finishing. OCI expects to complete the project in 22 months.
The Marassi project and 6 billion Mivida residential community are two of four key projects Emaar has underway in Egypt at present. The others include the $1.3 billion Uptown Cairo development and the $430m commercial and residential development on the CAiro- Alexandria desert road which includes Cario Gate,the largest outdoor shopping and entertainment location in the country
Emaar Misr’s CEO Mohamed El Dahan said, “ We are pleased to award OCI further work on our flagship projects in Egypt. OCI, one of the biggest construction firms in the region, has consistently delivered quality and timeliness to Emaar Misr which Emaar requires in all of its projects across the world.”
Osama Bishai, OCI Construction Group Managing Director, said in a statement on the company’s website that, “OCI has played a significant role in Emmar Misr’s projects since 2007 and was instrumental in the early delivery of several packages, most recently the first phase of the Catania Apartment Buildings in December.”
“We will continue to execute further work for top regional real estate developers who share OCI’s vision of quality and timely delivery to clients.”