Construction & Real Estate

Orascom adds $785m new construction contracts in Q4

Orascom Construction, a leading global engineering and construction contractor in the region, has announced that it has added $785 million of new awards to its backlog in Q4 2021.
 
This takes its total value of new awards to $3.5 billion in FY 2021, up 22% over the same period last year.
 
Orascom said the projects in the Middle East comprised 55% of new awards during Q4 2021, which included transportation and power projects in Egypt, and water projects in Egypt and Tunisia. 
 
On its global projects, the Egyptian construction group said the US accounted for 45% of its total of new awards during the quarter, mainly led by projects in the commercial sector.
 
The estimated consolidated backlog stood at $6.1 billion as of December 31, 2021, thus reflecting a slight increase over the record backlog level achieved as of September 30, 2021.-TradeArabia News Service