OCI Construction Group Cairo, Egypt / 24 January, 2011 10:15 AM
OCI Signs Agreement with Emaar Misr to Execute Works Valued at a Total
of EGP 800 million
Orascom Construction Industries (OCI) announced today that it has
signed a contracting agreement with Emaar Misr, the wholly owned
subsidiary of global developer Emaar Properties PJSC, to execute
commercial work for the developer's Mivida and Marassi projects for a
total value of EGP 800 million.
OCI will execute Villas of Package 18 and Village D (Type V4) at
Marassi, located on the North Coast of Egypt. Additionally, OCI will
carry out and complete Estate Villas (Parcel 4), Palmera Townhomes
(Parcel 2) and other Villas at Mivida situated in New Cairo. The scope
of the work includes concrete skeleton in addition to the internal and
external finishes of villas and townhomes.
The works are expected to be completed in 22 months.
OCI Construction Group Managing Director, Osama Bishai commented, "OCI
has played a significant role in Emaar Misr's projects since 2007 and
was instrumental in the early delivery of several packages, most
recently the first phase of the Catania Apartment Buildings in
December. We will continue to execute further work for top regional
real estate developers who share OCI's vision of quality and timely
delivery to clients."
Emaar Misr CEO, Mohamed El Dahan commented, "We are pleased to award
OCI further work on our flagship projects in Egypt. OCI, one of the
biggest construction firms in the region, has consistently delivered
quality and timeliness to Emaar Misr which Emaar requires in all of its
projects across the world."
Emaar Misr General Manager, Hazem Ashry commented, "Mivida combines a
perfect balance between luxury, high quality standards and value for
money and our signing with OCI reflects our commitment to deliver our
high international quality standards units on the promised delivery
dates."
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 Emaar Misr
Emaar Misr for Development S.A.E is the wholly owned subsidiary of the
UAE-based Emaar Properties PJSC, a global property developer. Emaar
Misr is one of the largest foreign direct investor in Egypt's real
estate sector with an investment portfolio of EGP 31.67 billion. Emaar
has identified Egypt as a key market for growth, and has announced four
key projects: The EGP 12 billion Uptown Cairo; the EGP 10 billion
Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul
Rahman; the EGP 6 billion Mivida residential community located at the
fifth district; and the EGP 4 billion commercial cum residential
development on the Cairo - Alexandria desert road, which also features
the largest outdoor shopping and entertainment destinations in the
country, Cairo Gate.
For additional information contact:
For additional information on OCI:
OCI Investor Relations
Department:
www.orascomci.com
Omar Darwazah
Email: omar.darwazah@orascomci.com OCI stock symbols: OCIC.CA / OCIC
EY / OCICqL / ORSD
Erika Wakid Orascom Construction Industries (OCI)
Email: erika.wakid@orascomci.com Nile City Towers - South Tower
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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