Orascom Construction adds nearly USD 1 bn to backlog in 3Q
Orascom Construction added USD 960 mn-worth of new contracts to its backlog in 3Q2021, growing 42% y-o-y annual increase, the company announced in a statement. Projects in Egypt made up 65% of new contracts during the quarter, including a contract to design, install, commission and maintain Egypt’s first high-speed rail system. The other 35% came from new contracts in the US, mainly large projects in student housing. Consolidated backlog grew to USD 9.1 bn by the end of the quarter.
OTHER INFRASTRUCTURE NEWS- Egypt’s Arab Contractors will develop the main port in Lebanon’s Tripoli under an agreement signed with the Lebanese government, according to Al Shorouk. The project, which involves revamping the port’s infrastructure with new customs buildings, administrative offices, and fire stations, is expected to cost USD 87 mn. It will be fully funded by the Islamic Development Bank, with work expected to begin within as little as 10 days, according to Xinhua. The agreement was signed by Lebanon's Council for Development and Reconstruction.