OCI Construction Group
Cairo, Egypt / 24 November, 2010
10:15 AM
OCI Signs Global Agreement with Palm Hills Developments to Construct
Select Infrastructure Works for the Developer's Projects
Orascom Construction Industries (OCI) announced today that it has
signed a contracting agreement with Palm Hills Developments (PHD), a
leading real estate developer in Egypt, to construct infrastructure
works and select commercial projects for the developer over the next 2
to 4 years.
As part of the agreement, OCI will execute infrastructure works related
to PHD's projects in Cairo, Greater Cairo, Ain El Sokhna and the North
Coast of Egypt. In addition, the scope of the agreement allows PHD to
award OCI with additional commercial projects that may include malls,
hotels and office parks at a later date. Under the agreement, OCI will
start three projects - one in the North Coast and two at Greater Cairo
area - with an expected value exceeding EGP 600 million.
OCI Construction Group Managing Director, Osama Bishai commented, "our
agreement with PHD reflects a growing trend for prominent regional real
estate developers to award infrastructure work to major contractors
such as OCI to ensure timely delivery to their clients. We will
continue to target work from serious real estate developers in the
region whose long-term vision and commitment to quality and delivery is
aligned with that of OCI."
PHD Chairman and Chief Executive Officer, Yassin Mansour, commented
"PHD seeks to select only the top partners in all of its projects. Our
agreement with OCI, one of the MENA region's leading construction
companies, will further strengthen and solidify our position in the
real estate market. One of PHD's key construction policies has always
been on-time delivery and attention to excellence and OCI's strong
reputation and history in the market makes them an ideal partner for us
to work with."
About OCI Construction Group
The Construction Group ranks among the top global contractors and
operates under three distinct brands. The three groups provide a range
of construction services in key regional markets in the Middle East and
North Africa in addition to Europe, Africa and Central Asia. The Group
primarily focuses on infrastructure (energy and related infrastructure
including oil & gas, power and petrochemicals / social infrastructure
including large-scale educational campuses and healthcare facilities /
water including wastewater and desalination), transportation (including
roads, airports, ports and railway), industrial and high-end commercial
projects. To complement the construction business, OCI also owns and
operates National Steel Fabrication, the largest manufacturer of
fabricated steel products in the Middle East, and has investments in
manufacturers of glass curtain walling, paints and concrete pipes.
OCI recently announced a joint venture with Morgan Stanley to invest in
infrastructure assets in the Middle East and Africa. The proposed joint
venture is positioned to capitalize on Morgan Stanley Infrastructure's
investing expertise and its global reach as well OCI's local and
regional awareness of infrastructure needs.
About Palm Hills Developments
PHD is a leading real estate developer and investor in the Egyptian
market, primarily developing integrated residential, resort and retail
projects. Founded in 2005 by Mansour and Maghraby Investment and
Development (MMID), the company - listed on the EGX and the London
Stock Exchange - was the result of a vision to create self-sufficient
communities through the utilization of integrated tools. Currently, PHD
commands an impressive roster of more than 19 projects, of which 9 are
under construction; strategically located in the East and West axis of
Cairo, North Coast, Alexandria, and the Red Sea in Egypt.
For additional information
contact:
For additional information on OCI:
OCI Investor Relations
Department:
www.orascomci.com
Omar Darwazah
Email: OCI stock symbols: OCIC.CA / OCIC EY /
omar.darwazah@orascomci.com OCICqL / ORSD
Erika Wakid Orascom Construction Industries (OCI)
Email: Nile City Towers - South Tower
erika.wakid@orascomci.com 2005A Corniche El Nil
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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