OCI N.V. Construction Group Announces Strong Start to 2014
29 January 2014
OCI N.V. (Euronext: OCI) announced today that its Construction Group has successfully been awarded several new contracts in Saudi Arabia, Egypt, the United States, the United Arab Emirates, and Qatar to post a strong start to 2014.
Orascom Construction (OC) has secured new work in both Egypt and Saudi Arabia totaling a combined contract value of approximately US$ 300 million. In Egypt, OC has been awarded several new commercial packages to support real estate developers including Emaar Misr and Palm Hills Developments. In Saudi Arabia, OC has secured infrastructure contracts in several municipalities throughout the country.
Contrack and Weitz have also enjoyed a successful start to the year, with Contrack securing approximately US$ 100 million worth of projects in Honolulu in Hawaii, and Weitz recently securing a number of projects totaling approximately US$ 200 million.
The Construction Group’s Chief Operating Officer, Osama Bishai, commented: “Our wholly owned brands have enjoyed a strong start to 2014, securing new work in several core markets with a total contract value exceeding US$ 600 million. We are confident in our ability to outperform initial forecasts for 2014, and are excited to pursue our pipeline of new awards this year.”
In addition, the BESIX Group, in which OCI N.V. owns a 50% stake, has been awarded new contracts in the United Arab Emirates, Saudi Arabia and Qatar totaling approximately US$ 670 million. The projects include infrastructure work on four new bridges connecting several islands in Abu Dhabi, a new expressway in Qatar, and the new Kempinski hotel in Jeddah.