08 July, 2018
Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announces that it has added USD 650 million of new awards to its backlog during Q2 2018 in Egypt and the United States. The Group maintains its strategy of pursuing high-quality projects from both commercial and technical standpoints across its key markets.
The value of new awards in Egypt in Q2 2018 stood at approximately USD 415 million across important sectors such as transportation, water and new urban developments including the Alamein cities. A portion of these projects has commenced under a letter of intent and execution is underway.
In the U.S., the Group signed new contracts valued at approximately USD 235 million during the second quarter, marking an uptick in activity compared to Q1 2018 as expected. These new awards are comprised of projects across the commercial, infrastructure and industrial sectors, including the Stage 2 extension to the PHX Sky Train® guideway and maintenance facility at Phoenix Sky Harbor International Airport in Arizona.