The value of Egypt-based Orascom Construction’s ongoing projects rose 51 percent to reach US$7.2 billion by the end of June 2015.
In a statement to the Egyptian Stock Exchange, OC stated that it has signed new contracts in Egypt, Saudi Arabia and USA estimated at US$2.56 billion within the second quarter of 2015, registering 65% increase. Hence new contracts’ participation in infrastructure field has been jumped 63% out of under way projects’ total value.
During the second quarter of 2015, the company has inked a number of projects in transportation field including establishing airports, roads and bridges. In addition, OC has signed two contracts worth €1.6 billion to implement two combined-cycle power plants with total capacities of 9,600MW.
Orascom construction is to establish two power plants in cooperation with German Siemens. The project is set to be the largest one in power field over the world.
In Middle East, Orascom Construction has signed a joint project with Saudi Binladin Group worth US$125 million, at the second quarter of 2015, to implement a bunch of infrastructure works for a multi-purpose project. The project is to be on the space of 64,000 square meters.
OC is currently seeking more opportunities in Saudi Arabia whether independently or in form of an alliance with Binladin Group.
Moreover, Orascom Construction is seeking new opportunities in specific targeted markets such as the Algerian and Iraqi ones.
