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Orascom Cons. Inds. ORSD Orascom Construction/BESIX JV Awarded US$ 400 MM

  Orascom Cons. Inds. (ORSD) - Orascom Construction/BESIX JV Awarded US$ 400
  MM

RNS Number : 7132M
Orascom Construction Inds, S.A.E.
20 September 2012






                                 Cairo, Egypt / 20 September, 2012 8:30 AM



Orascom Construction/BESIX Joint Venture Awarded US$ 400 Million Mall of Egypt
Contract



Orascom Construction Industries (OCI) announced today that a 50/50 joint
venture between BESIX and Orascom Construction, a 100% owned subsidiary of
OCI, has been awarded a US$ 400 million contract to construct Majid Al Futtaim
Properties' Mall of Egypt. The mall will be located in the Sixth of October
City outside of Cairo. The joint venture has been awarded the project on a
lump sum fixed price basis and construction is scheduled for completion in
approximately 34 months.



Mall of Egypt will be a 162,500 square meter shopping and leisure development
that will include an indoor ski park, a 17-screen cinema complex, 380 retail
outlets, a Carrefour hypermarket, an outdoor plaza, an amusement park, a car
park, and other associated facilities. The ski park, Ski Egypt, will be
modeled after the Ski Dubai component in Dubai's Mall of the Emirates, a Majid
Al Futtaim Properties development.



Peter Walichnowski, Chief Executive Officer of Majid Al Futtaim Properties,
commented: "We are now in our 20th year of operations and, notably, have been
in Egypt for ten of those years. Egypt's strong economic fundamentals, such as
its young and growing population, make it an attractive growth market. We are
committed to building on our success in Egypt and investing in the country's
long-term economic growth."



OCI Chairman and Chief Executive Officer, Nassef Sawiris commented: "This is
the largest foreign investment in Egypt since the election of the new
government. We have been very impressed by the efficient manner in which the
new leadership reviewed required regulatory approvals for this project and we
look forward to continuing to work together. The Mall of Egypt development
marks an important milestone in Egypt's economic recovery and signals a
resurgence of private foreign investment in the country."



OCI Construction Group Chief Operating Officer, Osama Bishai commented:  "Over 
the past decade Orascom Construction has been a key player in the construction
of Egypt's mega commercial  projects and is responsible  for a total  built-up 
area of over  2 million square  meters. These projects  include the Nile  City 
Towers complex, which was constructed in joint venture with BESIX, as well  as 
Mall of Arabia, City Stars, Cairo Festival City, and the extension of Majid Al
Futtaim Properties' Maadi  City Centre. The  Orascom Construction/BESIX  joint 
venture has  also been  part  of the  construction  of Egypt's  iconic  hotels 
including the Conrad Hotel,  the Grand Hyatt and  the Fairmont Nile City.  The 
Mall  of  Egypt  award  underscores  the  success  of  the  joint  venture  in 
constructing large-scale commercial projects and  we look forward to  building 
on our long-standing relationship with Majid Al Futtaim Properties."



About Orascom Construction Industries

OCI is one of Egypt's largest  corporations employing more than 72,000  people 
in 35 countries around the globe. The OCI Fertilizer Group owns and  operates 
nitrogen fertilizer plants in Egypt,  the Netherlands, the United States,  and 
Algeria and  has  an international  distribution  platform spanning  from  the 
Americas to  Asia.  The OCI  Fertilizer  Group  ranks among  the  world's  top 
fertilizer producers with a production capacity which will exceed 7.0  million 
metric tons  in  2012.  The OCI  Construction  Group  provides  international 
engineering and construction services primarily on infrastructure,  industrial 
and high-end commercial projects in Europe,  the Middle East and North  Africa 
for public and private  clients. The OCI Construction  Group ranks among  the 
world's top global contractors.



About BESIX Group

BESIX Group is the  largest Belgian group,  operating in construction,  roads, 
infrastructure, environmental, concessions  and property development  sectors. 
It profiles itself as a multi-services  group. The Group was founded in  1909, 
since when  it  has  grown  steadily  and  impressively.  BESIX,  its  biggest 
subsidiary, is active in practically every field of construction. In  addition 
to the  activities  of BESIX  and  its other  subsidiaries,  Cobelba,  Jacques 
Delens, Socogetra, Vanhout, Wust, Franki  Foundation Belgium, BESIX Park,  Lux 
TP, West Construct in Benelux-France, the Group is present in Eastern  Europe, 
North and Central Africa  and the Middle East,  via Six Construct, in  Central 
Asia and Australia. In 2011, the Group achieved revenues of EUR 1.71  billion. 
The Group has  about 18,000 employees  active in 17  countries on 4  different 
continents.



About Majid Al Futtaim Properties

Majid Al Futtaim Properties is the leading developer of ‎shopping malls
together with hotels and ‎communities in the Middle East and North Africa
(MENA). Majid Al Futtaim Properties has changed the face of shopping, leisure
and entertainment across the region with eleven world-class malls operating in
the UAE, Bahrain, Oman and Egypt and two currently under development in Cairo,
Egypt and Beirut, Lebanon. In April 2012, Majid Al Futtaim Properties opened
its sixth strategic mall in the UAE with Fujairah City Centre. The Company's
shopping malls continue to witness a steady increase in footfall with more
than 140 million visitors in 2011. Majid Al Futtaim Properties has earned
numerous accolades and awards from international organisations that have
recognised its leadership and the quality of its properties.



Majid Al Futtaim Properties has four flagship shopping malls; Mall of the
Emirates, Midriff City Centre and Deira City Centre in Dubai and Bahrain City
Centre. Majid Al Futtaim Properties also owns nine hotels in the UAE and two
in Bahrain, all of which are linked to the company's shopping malls. The
hotels' strategic proximity to the company's shopping malls promotes direct
access to a wider international demographic and attracts more than 1.2 million
guests annually. The Company is currently developing three master-planned
communities. The Wave, Muscat, a joint venture with the Government of Oman;
Waterfront City in Beirut, Lebanon, a joint venture with Société Joseph Khoury
& Fils Holding; and SAL, Al Zahia, developed by Sharjah Holding, a joint
venture between the Government of Sharjah and Majid Al Futtaim Properties.









                                   

For additional information contact: 

                                   For additional information on OCI:

OCI Investor Relations Department:  

                                   www.orascomci.com

Omar Darwazah                       

Email: omar.darwazah@orascomci.com  OCI stock symbols: OCIC.CA / OCIC EY /
                                    OCICqL / ORSD / ORSCY

                                    
Erika Wakid
                                    Orascom Construction Industries (OCI)
Email: erika.wakid@orascomci.com
                                    Nile City Towers - South Tower

                                    2005A Corniche El Nil
Hassan Badrawi
                                    Cairo, Egypt
Director
                                    


Tel: +202 2461 1036/0727/0917

Fax: +202 2461 9409



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCKMGZLVGGGZZG -0- Sep/20/2012 06:52 GMT
 
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