Orascom Construction Joint Venture Unit Wins $675 Million Qatar Contract

Orascom Construction Industries, Egypt’s largest publicly traded builder, said a unit owned by its joint venture with Besix Group has won a $675 million contract in Qatar.

The unit, Six Construct Qatar, will build a phase of the Doha Convention Center & Tower in a joint venture with Midmac Contracting Co., Cairo-based Orascom said in a statement on its website today.

Orascom operates in the Middle East, Europe, Africa and Asia. The company said it had formed a joint venture in January with Morgan Stanley to invest in infrastructure in the Middle East and Africa.

“Qatar is a core regional market for the OCI Construction Group,” Chief Executive Officer Nassef Sawiris said in the statement.

Six Construct’s share of the contract is about $338 million, Orascom said. Orascom owns 50 percent of the Besix Group, which in June won a $750 million contract in a joint venture to build the third phase of the New Doha International Airport passenger terminal complex.

Shares of Orascom were almost unchanged at 250 Egyptian pounds ($43.83) at 10:47 a.m. in Cairo trading today.

-Editors: Chris Peterson, Peter Branton

To contact the reporter on this story: Alaa Shahine in Cairo at asalha@bloomberg.net

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email