Egypt's Orascom reports $5.1bn backlog as Q3 2019 deals grow 150%
The contractor signed $1.3bn in contracts during Q3 2019, with 25% of its new work during the period coming from the US
Egyptian contractor Orascom Construction revealed that it had signed $1.3bn-worth of contracts during Q3 2019, with the figure representing year-on-year growth of 150% and quarter-on-quarter growth of 39% for the company, led by chief executive officer, Osama Bishai.
Orascom's estimated consolidated backlog stood at $5.1bn as of 30 September 2019 compared to $4.2bn as of 30 September 2018 and $4.6bn at the end of June 2019.
In a statement, Orascom said that work in Egypt accounted for 75% of contracts it was awarded in line with its growing role in the Arab country's transportation projects.
The contractor will design, build, and operate Egypt’s first monorail lines as part of an engineering, procurement, construction, and finance contract, as well as work on 160 km of track work for the new electric light rail transit project as part of a joint venture it leads.
Orascom's US business accounted for 25% of total new awards in Q3 2019, winning work in the data centre sector during the period.
The contractor said data centres had become "a key market segment for the group", and complemented its work in the "core senior living and commercial sectors".