Joannou & Paraskevaides

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Joannou & Paraskevaides (Overseas) Limited
IndustryConstruction, petroleum engineering
Area served
Middle East, Africa, Europe
Key people
Efthyvoulos G. Paraskevaides
ProductsGeorge Paraskevaides & Stelios Ioannou
RevenueDecrease US$534 million (2011)
Number of employees
13,000 (2011)
WebsiteJ&P Group

Joannou & Paraskevaides was a Cypriot international building, civil and electromechanical engineering contractor with an involvement in the energy (oil and gas) and industrial sectors operating in the Middle East, North Africa, Europe and Asia. At its zenith, the construction giant that was J&P Overseas Ltd., had about 15,000 people on staff and boasted a turnover in excess of $1.5bn. Today, the venture lies in ruin, forced into liquidation and hounded by creditors, while the heirs to the fabulously wealthy families are at each other’s throats in the courts and in the public space.


North Africa and the Middle East[edit]

Joannou & Paraskevaides (Overseas) Limited (“J&P(O) Ltd”) was established in 1961 in Guernsey, Channel Islands. J&P(O) Ltd completed its first overseas projects in Libya in the 1960s. J&P(O) Ltd then took its next major step and expanded into the Persian Gulf in the 1970s. During the subsequent decades, J&P(O) Ltd played a leading role in the Persian Gulf's construction boom completing highways in all types of terrain, tunnels, bridges and flyovers, airports, housing schemes, palaces, luxury hotels, hospitals, universities, commercial buildings, sports and conference centers and complex military projects.[1]


J&P(O) Ltd entered the Greek market in 1979 and quickly completed several projects. Through several strategic mergers and acquisitions of local contractors, J&P(O) Ltd's presence in Greece continues through J&P-Avax SA which is listed on the Athens stock exchange. Today, J&P-Avax SA is Greece's second largest construction group, and is expanding into neighboring Balkan states, Eastern Europe and the Middle East.[1]

Electrical and Mechanical Expertise Acquired[edit]

On 1 January 2006, J&P(O) Ltd wholly acquired two specialist electrical and mechanical contractors A&P Paraskevaides (Overseas) Ltd and Conspel Construction Specialists (Isle of Man) Ltd.[2] region. Their acquisition allows J&P(O) Ltd to supplement its current activities and expand its construction capability and expertise.[1]

Abandoned thousands of workers in Saudi Arabia unpaid for seven months

At present J&P(O) Ltd is in liquidation. Its management has abandoned thousands of employees at its operations in Saudi Arabia at the mercy of God. The employees are awaiting past 7 months to be repatriated to their native countries and payment of 8 months salaries are pending. The whole unit of J&P (O) Ltd and its subsidiary J&P(SA) Ltd is under government control for resolving crisis of employees. [3]

Notable completed projects[edit]

J&P(O)Ltd's most notable completed projects include:

Notable current projects[edit]

J&P(O) Ltd's most notable current projects include:

  • the Queen Alia International Airport in Amman, Jordan to be completed in 2011. The EPC (contract) for the Rehabilitation, Expansion and Operation of Queen Alia International Airport is shared between J&P(O) Ltd and J&P-AVAX SA. Works will increase the initial capacity of the airport to 9 million passengers annually and give the ability to expand to 12 million passengers annually. Also, the expansion of the airport will allow it to handle the Airbus A380.
  • Two contracts for The Pearl-Qatar[5] artificial island, in Doha, Qatar: The Roads and Infrastructure Project for the Island to be completed during 2010, and the Design and Construction of Qanat Quartier Precinct and the Construction of 31 Villas in La Plage and Bahriya Precincts to be completed during 2011.
  • Construction of the main works contract for seven maintenance hangars (A to G) along with all required facilities (workshops, power plant, stores, car parks, administration building, mosque and all services) over an area of 565,000 m2 at Dubai International Airport.

Additionally two further contracts were executed, one for the design, construction, supply, installation and commissioning of civil and landscaping works (both airside and landside) and the second for all works associated with the construction and commissioning of an additional hangar 'Hangar H'. Client: Emirates Airlines Consultant: ADPI Contract Value: USD 457 million Status: Completed 2010

  • Construction of a passenger terminal complex with a 6.5 million passenger per year and comprising terminal building (covered area 71,000m²), taxiways and interconnections (3,200m x 23m), aprons (150,000m²), car park and road works, including all electromechanical installations and external works and services.

Client: Civil Aviation Authority Consultant: NESPAK Contract Value: USD 200 million Joint Venture: J&P (O) Ltd 65% - Airsys ATM 35% Status: Completed 2002\

  • Demolition of existing interchange (2 bridges) and reconstruction of the new interchange (7 bridges) at Al Safa area on Sheikh Zayed road. The interchanges consists of two loops, two directional links in addition to four right turn ramps, re-configuration of internal roads and parking areas within the interchange limits. Also construction of road signage, landscaping, street lighting and all associated services.

Client: Dubai Municipality Consultant: De Leuw Cather Contract Value: USD 15 million Status: Completed 2002

Global International Contractor Rank[edit]

In 2009 the journal Engineering News-Record ranked J&P(O) Ltd as the 36th Largest International Contractor globally.[6]

Owners' charities[edit]

Both founders and their families have been involved in charity [7] as well as donations to the arts[8] and education.[9] The Paraskevaidio Surgical & Transplant Foundation in Nicosia, and the Christos Stelios Joannou Foundation[10] (for the mentally handicapped adults) are health centers set up by the two families.


  1. ^ a b c "404 - Joannou & Paraskevaides (Overseas)".
  2. ^ Cooperation Council for the Arab States of the Gulf "Archived copy". Archived from the original on 2010-04-18. Retrieved 2010-04-18.CS1 maint: archived copy as title (link)
  3. ^ "J&P third-country workers in Saudi Arabia issue new plea for help". Cyprus Mail. 2018-11-19. Retrieved 2019-04-02.
  4. ^ "Archived copy". Archived from the original on 2010-03-24. Retrieved 2010-04-08.CS1 maint: archived copy as title (link)
  5. ^ "Archived copy". Archived from the original on 2010-01-25. Retrieved 2010-04-09.CS1 maint: archived copy as title (link)
  6. ^ "The 2015 Top 250 International Contractors".
  7. ^ "George E. Paraskevaides: Excellence in Business, Philanthropy and Patriotism". Greek News. March 2007. Retrieved 2007-04-26.
  8. ^ Ioannou, Ellie (25 April 2007). "Speech by Mrs Ellie Ioannou at the Opening of the Stelios Ioannou School for Research in Classical and Byzantine Studies". University of Oxford. Retrieved 2007-05-03.
  9. ^ "New centre boosts classical studies". Oxford Mail. Newsquest Media Group. 26 April 2007. Retrieved 2007-04-26.
  10. ^ "Christos Steliou Joannou Foundation". Retrieved 2007-05-03.