Osama Bishai and his colleagues at Orascom Construction have certainly enjoyed a positive start to the year. In Q1 2016, the company returned to profitability, reporting blended earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $48.8m, and net income of $23m.
In Egypt, the company is working across several large-scale infrastructure projects, including the New Capital and Burullus power plants – both of which are being conducted on an engineering, procurement and construction (EPC), and finance basis. Upon completion, the facilities will become the largest natural gas-fired, combined-cycle power plants in the world, with a capacity of 4,800MW.
In March 2016, Orascom announced that it had won three contracts worth $200m in Algeria and Egypt. Bishai’s firm also bagged two contracts on Cairo Metro Line III worth more than $300m in May.