Orascom Construction Industries Wins $146Mln in UAE Contracts

Egypt's Orascom Construction Industries said Wednesday it had been awarded a series of substantial construction and civil works projects in Abu Dhabi valued at $146 million.
 
March 2, 2011 - PRLog -- Egypt's Orascom Construction Industries said Wednesday it had been awarded a series of substantial construction and civil works projects in Abu Dhabi valued at $146 million.

Orascom, one of Egypt's largest corporations with operations across Europe, the Middle East and North Africa, said it had signed a number of construction contracts with the Tecnimont SpA/Samsung Engineering Company Ltd., joint venture to deliver piling, civil works and building construction.

The project work relates to construction works for the Abu Dhabi Polymers Company Ltd. Orascom said the award supports the company's goal of further expanding its international operations.

Orascom reported $3.6 billion in revenues during the first nine months of 2010.

"This is an important milestone in our strategic relationship with Tecnimont SpA and we are looking forward to further cooperation in other sectors," Orascom Construction Industries chief executive Nassef Sawiris said in a statement.

Abu Dhabi and the United Arab Emirates other emirates are pushing forward a number of large construction projects in the energy, commercial real estate, and tourism sectors.

A host of international companies are active in the emirate including Bechtel Corporation of the US.

Author: Justin Cole, analyst.

For related report, see: http://www.companiesandmarkets.com/Market-Report/uae-cons...

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