Cairo, Egypt, Dec. 13, 2004 (PRIMEZONE) --
Nile City Towers - South Tower Corniche El Nil Cairo - Egypt Phone 20-2-461-1111 Fax 20-2-461-9400 Web www.orascomci.com
BESIX to Build the World's Tallest Tower
Samsung - BESIX - Arabtec JV signs contract valued at US$ 875 million to construct the Burj Dubai tower
Cairo, Egypt - 12 December 2004: Orascom Construction Industries (stock symbols: OCIC.CA / ORCI EY / OCICq.L / ORSD LI) announced that a Samsung - BESIX - Arabtec joint venture has been awarded the construction contract for the Burj Dubai tower by Emaar Properties valued at US$ 875 million. The Burj Dubai tower will stand 700 meters high and be the tallest tower in the world. Work on the project is scheduled to start on 1 January 2005 and will last 47 months. BESIX has a 35% share in the joint venture. The BESIX Group is 50% owned by OCI.
The Burj Dubai tower is one of the most prestigious construction projects in the world at this moment. The project will consist of a luxury hotel, an amusement park, serviced flats, residential flats and an observatory. Upon completion, the tower will be the highest structure ever built. The Samsung - BESIX - Arabtec joint venture was awarded the contract based on their technical expertise in the construction of high rise buildings. Samsung was involved in the construction of the Petronas Twin Towers in Kuala Lumpur (Malaysia), which stands 452 meters high, and BESIX was involved in the construction of the Emirates Twin Towers in Dubai, which stands 309 meters high.
BESIX Chief Executive Officer, Johan Beerlandt commented "keeping in mind the height of the tower, specific construction methods will have to be applied according to the strictest technical, security and quality regulations. The project will set a new standard in the construction industry."
The Burj Dubai tower will be the centerpiece of Emaar Properties' US$ 8 billion 500-acre Downtown Dubai development. The architect for the Burj Dubai tower is Skidmore, Owings & Merrill, which also designed the 442 meter high Sears Tower in Chicago (USA), the John Hancock Center in Chicago (USA), the National Commercial Bank in Jeddah (Saudi Arabia) and the Jin Mao Tower in Shanghai (China). Turner Construction International will serve as the project and construction manager. The Burj Dubai tower will have a total surface area of approximately 500,000 square meters and will require 275,500 cubic meters of concrete, 35,200 tons of reinforcing steel, and 5,500 tons of structural steel.
BESIX has been active in the Middle East for the last 40 years and has earned an exceptional reputation in the region. BESIX has successfully undertaken a number of prestigious projects including ETSALAT in Dubai, the Baynunah tower in Abu Dhabi, the headquarters of ADMA OPCO & ADGAS in Abu Dhabi, and the Emirates Tower Hotel in Dubai. Working together with OCI, BESIX also undertook construction of the three tallest buildings in Egypt which included the Conrad International Cairo Hotel, the Grand Hyatt Nile Tower Hotel and the Nile City Towers complex.
BESIX was also recently awarded the construction contract for the Ministry of Foreign Affairs complex in Abu Dhabi valued at US$ 79 million. The 21 months contract involves the construction of a seven-story main building and five smaller buildings with a total built-up area of 50,000 square meters.
OCI focuses on three high growth business activities - construction services, cement manufacturing and infrastructure concessions. Our Construction Group provides engineering, procurement and construction services on industrial, commercial, infrastructure and railway projects for public and private customers in the Middle East and North Africa. Our Cement Group owns and operates cement production plants in Egypt and Algeria. Our Concessions Group participates as an equity investor in long-term infrastructure concessions including port operations, industrial parks and natural gas distribution systems.
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