Orascom records $1.8bn Middle East contract awards in 9M ending Sep'19
Contracting giant to design, build, and operate two monorail systems in Egypt alongside Bombardier and Arab Contractors
Egyptian contracting giant Orascom Construction which is listed on both Nasdaq Dubai and Egyptian Bourse has posted $1.8bn of new contract awards in the Middle East in the first nine months ending 30 September 2019.
In a stock market filing the company revealed that $965m worth of contracts were added to its portfolio in Q3 2019.
The company said in the missive, “Orascom Construction strengthened its leadership in the transportation sector in Egypt in Q3 2019, mirroring its achievements in other market segments such as power and water.”
In August, the company in a consortium comprising Bombardier and Arab Contractors inked a contract to design, build, and operate two monorail systems in Egypt for $4.5bn, covering engineering, procurement, and construction (EPC) services.
Orascom Construction’s share amounts to approximately $900m, which includes a 30-year operations and maintenance (O&M) contract.
Additionally, an Orascom Construction-led joint venture has been picked to work on the 160km track for the new electric light rail transit project in Egypt.
The company is also involved in the Cairo Metro project, as well as airports, roads, and tunnels projects.
Meanwhile, new contract awards in the US surged by 71% Y-o-Y to reach $910m in the nine-month period.
The Egyptian firm led by Osama Bishai is a part of a consortium that is building the new $1.5bn terminal at Kansas City International Airport.