05 February, 2018
Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announces that it has added USD 650 million of new awards to its backlog during Q4 2017.
New projects in Egypt accounted for the largest share, comprising approximately USD 580 million across a wide range of sectors including renewable energy, marine and commercial buildings. In addition, the Group’s subsidiaries in the U.S. added new projects amounting to approximately USD 70 million mainly in the private sector.
Osama Bishai, CEO of Orascom Construction, commented, “We are maintaining our policy of securing quality projects in which we have a competitive edge, and are pleased with the continued momentum across our bidding pipeline. We are also particularly proud of our recent investment in the 250 MW build-own-operate wind farm as it underscores our strategy to pursue infrastructure investments that create new construction opportunities and long-term value for shareholders.”