29 August, 2023
Orascom Construction PLC (Nasdaq: OC; EGX: ORAS) announces that it has signed a contract with Eagle Hills Properties for the construction of Soul Luxury Beach Resort, the new flagship development on Egypt’s North Coast.
The agreement, which is valued at EGP 1.9 billion, signifies a commitment to excellence in constructing and bringing to life parcels 3 and 4 (Flow – Breeze) within phase 1A of the resort, to be completed in 1,020 days.
This project emphasizes Orascom Construction’s leading position and past success on key projects on the North Coast such as delivering high-profile projects such as Al Alamein Hotel in record timing and the Marassi Marina Yacht Club.
Osama Bishai, CEO of Orascom Construction, commented, “We are proud to build on our longstanding partnership and collaborate on Soul Luxury Beach Resort. This is an exciting new project that will be a major contributor to the development of Egypt’s North Coast and tourism sector. We are also pleased to reinforce our position as the leading EPC player in the transformation of Egypt’s North Coast into a global destination, with projects across all major infrastructure and commercial sectors such including hospitality, real estate, water, and transportation.”
Mohamed Alabbar, Chairman of Eagle Hills Properties, expressed his excitement about collaborating with Orascom Construction, a renowned player in the construction sector, to carry out the implementation of the Soul Luxury Beach Resort. “Together, we will work on bringing the Soul Luxury Beach Resort to life. Our main focus will be on constructing this project with efficiency and maintaining high-quality standards.”