El Zahraa Station on the Cairo Metro. In Q4 2020, Orascom won an $800m contract to build the metro’s Line 4 (Photograph by Jim Joel/CC BY-SA 4.0)

Companies

Egypt’s Orascom Construction enjoys bumper end to 2020

3 February 2021 | By GCR Staff | 0 Comments

Cairo-based contractor Orascom Construction has announced that it won close to $1bn in new contracts in the final quarter of 2020, bringing its total pipeline of orders to $5.3bn.

The company added $920m to its order book, which Orascom said reflected its efforts to win high-quality projects.

Some 62% of the awards were in the Egyptian market, with the lion’s share accounted for by the transportation sector.

Bulking out the wins was an $800m deal to build the first phase of Cairo Metro’s Line 4, which it won as part of a joint venture with Japan’s Mitsubishi Corporation (see further reading).

Another notable win was a $64m contract with Dubai developer Emaar to build the Vida Marina Hotel and Yacht Club in Marassi, on Egypt’s North Coast.

Most of the company’s overseas work was won in the US market, with data centres taking a prominent place.

During the first nine months of 2020, Orascom reported net profits attributable to shareholders of $65m. Over the whole of 2020, it won contracts worth $2.9bn.

Image: El Zahraa Station on the Cairo Metro. In Q4 2020, Orascom won an $800m contract to build the metro’s Line 4 (Photograph by Jim Joel/CC BY-SA 4.0

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