Company Insights Orascom Construction Construction Orascom Construction Overview Egypt’s Orascom Construction is a global leader in engineering, procurement, and construction, specialising in infrastructure, industrial, and high-end commercial projects across the Middle East, Africa and the US. Orascom was established in 1976 by Egyptian businessman Onsi Sawiris and is recognised as the nation’s first multinational corporation. With operations in over 25 countries, Cairo-based Orascom is dual-listed on the UAE (Nasdaq) and Egyptian stock exchanges. Its diversified portfolio includes investments in concessions and a 50 percent ownership of Belgian contractor Besix Group. It also oversees a variety of equipment services, building supplies and site management. Significant milestones include the sale of its cement group to Lafarge in 2007 and a $450 million project in Saudi Arabia in 2011. In Egypt Orascom is developing the Green Line, the first fully electrified mainline and freight rail network from the Red Sea to the Mediterranean, alongside Arab Contractors Joint Venture. Other infrastructure projects include a regional metro system in Alexandria, Line 4 of the Greater Cairo Metro, Cairo’s monorail system and Egypt’s largest wind farm. It also worked on the $1 billion Grand Egyptian Museum in Cairo. Orascom Construction News Video length: 03:31 Video Construction Egypt’s weaker currency attracting foreign real estate investors Egypt’s economic recovery and currency devaluation has resulted in the “rediscovery of the real estate market by foreign investors”, according to the chief of the country’s largest waterfront developer, fuelling price rises in the secondary and tertiary segments. Population growth in the Arab world’s biggest country, and wealth creation in some socioeconomic segments, have also […] October 24, 2024 Energy Egypt’s first hybrid solar project to break ground next year Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […] September 13, 2024 Infrastructure Egypt awards $885m contract to upgrade Cairo metro A consortium led by Orascom Construction, listed on Dubai, Egypt and Nasdaq stock exchanges, will commence the modernisation of the Cairo metro line 1 next month. The €800 million ($885 million) project will be completed in 64 months without disturbing commercial operations. The consortium has signed a contract with Egypt’s National Authority for Tunnels to […] September 3, 2024 Construction Orascom Construction’s US revenue softens Mena decline Egypt’s Orascom Construction has reported a decline in its second-quarter revenues after a 25 percent drop in Mena revenue was softened by growth in its US business. Volatility in the value of the Egyptian currency also drove a decline in net profit for the Cairo-based company, from $92.8 million in the same period last year […] August 28, 2024 Infrastructure Jordan selects preferred bidder for $3bn water project A consortium led by French investment firm Meridiam has been selected as the preferred bidder for Jordan’s $3.3 billion Aqaba Amman water desalination and conveyance project. The Meridiam-led group includes Orascom Construction, Vinci Construction Grands Projets and Suez. Jordan is one of the most water-stressed countries in the world, with its population facing absolute water scarcity, according […] August 22, 2024 Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024 Analysis Renewable Energy Austerity threatens Egypt’s green energy progress Sprawling over 37 sq km of desert north of Egyptian city of Aswan, the Benban Solar Park is one of the largest photovoltaic power plants in the world. Made up of 41 individual solar plants, the park’s investors boast it can be seen from space. Launched in 2018 and now at 1.8 gigawatt capacity, in […] July 9, 2024 Analysis Markets Hopes high for Egypt’s shariah-compliant index The Egyptian stock exchange has announced the launch of a long-awaited shariah-compliant index, a move observers say is likely to attract new investors and boost the North African country’s latent Islamic banking sector. Gulf investors are said to be particularly interested. The chairman of the Egyptian Exchange (EGX), Ahmed el Sheikh, announced that the new […] June 13, 2024 Banking & Finance Egypt to open first digital bank later this year Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […] May 3, 2024 People & Lifestyle Cairo has most billionaires in Africa, but wealthy are leaving Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […] April 25, 2024 Posts navigation 1 2 3 Next
Video length: 03:31 Video Construction Egypt’s weaker currency attracting foreign real estate investors Egypt’s economic recovery and currency devaluation has resulted in the “rediscovery of the real estate market by foreign investors”, according to the chief of the country’s largest waterfront developer, fuelling price rises in the secondary and tertiary segments. Population growth in the Arab world’s biggest country, and wealth creation in some socioeconomic segments, have also […] October 24, 2024
Energy Egypt’s first hybrid solar project to break ground next year Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […] September 13, 2024
Infrastructure Egypt awards $885m contract to upgrade Cairo metro A consortium led by Orascom Construction, listed on Dubai, Egypt and Nasdaq stock exchanges, will commence the modernisation of the Cairo metro line 1 next month. The €800 million ($885 million) project will be completed in 64 months without disturbing commercial operations. The consortium has signed a contract with Egypt’s National Authority for Tunnels to […] September 3, 2024
Construction Orascom Construction’s US revenue softens Mena decline Egypt’s Orascom Construction has reported a decline in its second-quarter revenues after a 25 percent drop in Mena revenue was softened by growth in its US business. Volatility in the value of the Egyptian currency also drove a decline in net profit for the Cairo-based company, from $92.8 million in the same period last year […] August 28, 2024
Infrastructure Jordan selects preferred bidder for $3bn water project A consortium led by French investment firm Meridiam has been selected as the preferred bidder for Jordan’s $3.3 billion Aqaba Amman water desalination and conveyance project. The Meridiam-led group includes Orascom Construction, Vinci Construction Grands Projets and Suez. Jordan is one of the most water-stressed countries in the world, with its population facing absolute water scarcity, according […] August 22, 2024
Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024
Analysis Renewable Energy Austerity threatens Egypt’s green energy progress Sprawling over 37 sq km of desert north of Egyptian city of Aswan, the Benban Solar Park is one of the largest photovoltaic power plants in the world. Made up of 41 individual solar plants, the park’s investors boast it can be seen from space. Launched in 2018 and now at 1.8 gigawatt capacity, in […] July 9, 2024
Analysis Markets Hopes high for Egypt’s shariah-compliant index The Egyptian stock exchange has announced the launch of a long-awaited shariah-compliant index, a move observers say is likely to attract new investors and boost the North African country’s latent Islamic banking sector. Gulf investors are said to be particularly interested. The chairman of the Egyptian Exchange (EGX), Ahmed el Sheikh, announced that the new […] June 13, 2024
Banking & Finance Egypt to open first digital bank later this year Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […] May 3, 2024
People & Lifestyle Cairo has most billionaires in Africa, but wealthy are leaving Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […] April 25, 2024
