09 May, 2016
Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announced today that it has been awarded another two contracts for the third phase of Cairo Metro Line III to execute the civil and track work. The combined value of both packages is approximately EUR 270 million, bringing OC’s share of the third phase of Cairo Metro Line III to EUR 375 million.
Phase III will stretch across 18 km of tunnelling and viaduct works which will include 15 elevated, grade and underground stations. Both new contracts will be executed by Egyptian-French consortiums that have worked repeatedly on Cairo Metro. Orascom will complete the civil package in a consortium with VINCI, Bouygues and Arab Contractors, and the track works package in a consortium with with TSO (NGE Group) and ETF, a subsidiary of Eurovia. Funding for the third phase of Cairo Metro Line III is provided by French and European entities.
Osama Bishai, CEO of Orascom Construction, commented, “We are pleased to expand our market share in the transportation sector and particularly the Cairo Metro program. We remain focused on adding quality contracts to our backlog that will lead to healthy returns for our shareholders.”