28 September, 2022
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it has signed an agreement with the Internal Trade Development Authority (ITDA) to build, own and operate a strategic warehouse in Fayoum Governorate, Egypt.
This strategic warehouse is part of the first phase of a larger program that will play an important role in providing modern logistics and warehousing of important commodities across Egypt. The project is set to utilize state-of-the-art technology and efficient operational methods to meet existing and future needs for these commodities.
Construction is expected to start once financing is concluded and to take up to 15 months, after which operation of the warehouse will commence.
This project highlights Orascom Construction’s strategy to pursue investments that provide construction opportunities coupled with long-term recurring income, and builds on the Group’s existing investments and Operation & Maintenance contracts across renewable energy, water treatment, wastewater treatment, transportation and facility management.