OCI N.V. announced that the OCI Construction Group (OCIC.CA) has been awarded several contracts in Egypt valued at a total of EGP 1.5 billion.
These contracts, part of which will be paid in foreign currency, cover a number of sectors such as power, healthcare and transportation, and were awarded by both private and public sector clients. Among the new awards are Phase II of Dar El Fouad hospital and a 500 megawatt power plant in Six of October City.
OCI Construction Group Chief Operating Officer, Osama Bishai, commented: “OCI continues to secure high-quality work of significant size during this challenging transitional period in Egypt, and yet we remain selective in the projects that we pursue in order to minimize counterparty risk.
Our ability to maintain human resources and mobilize effectively once sizeable projects are secured makes us the contractor of choice for many of our clients. OCI is excited to build on its integral role in driving business activity and employment in Egypt, and we look forward to contributing to the economic recovery.”
