Orascom Construction/BESIX JV Awarded US$ 400 MM

Orascom Construction/BESIX JV Awarded US$ 400 MM 
CAIRO, EGYPT -- (Marketwire) -- 09/20/12 --  *T
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 C
ity 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 Societe 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       For additional information on OCI:
contact:
OCI Investor Relations           www.orascomci.com
Department: 
Omar Darwazah                    OCI stock symbols: OCIC.CA / OCIC EY /
Email:                           OCICqL / ORSD / ORSCY
omar.darwazah@orascomci.com 
Orascom Construction Industries (OCI)
Erika Wakid                      Nile City Towers - South Tower
Email:                           2005A Corniche El Nil
erika.wakid@orascomci.com        Cairo, Egypt
Hassan Badrawi
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 
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