Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announced today that its 50-50 joint venture with Arab Contractors has signed a contract with the National Authority for Tunnels to execute Phase 4B of Cairo Metro Line III. OC’s share of the contract amounts to approximately EUR 295 million.
The joint venture will be responsible for the full scope of this new phase, which will stretch 6.1 km across a viaduct and five elevated stations.
Phase 4B follows the Group’s previously announced contract awards for the third line of Cairo Metro. The Group is currently executing contracts amounting to approximately EUR 375 million for Phase III and EUR 90 million for Phase 4A.