Orascom Construction

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Orascom Construction Limited
Public
Traded asEGXORAS
IndustryConstruction, engineering
Founded1950
HeadquartersCairo, Egypt
Key people
Jerome Guiraud, chairman, Osama Bishai, CEO
RevenueIncrease US$ 4.03 Billion (2016)[1]
Increase US$ 678 Million w/ cement operations (2011)[2]
Websitewww.orascom.com

Orascom Construction Limited (OC) is an engineering, procurement and construction (EPC) contractor based in Cairo, Egypt. The company was Egypt's first multinational corporation and stands at the core Orascom Group companies. OC is active in more than 25 countries.[3]

History[edit]

Night view of the Nile City Towers. Orascom Construction headquarters is at the south tower (on the right). In between the two towers lies the Fairmont Hotels and Resorts.

OC was established in Egypt in 1950 and owned by Onsi Sawiris. It owned and operated cement plants in Egypt, Algeria, Turkey, Pakistan, northern Iraq, North Korea and Spain, which had a combined annual production capacity of 21 million tonnes.[4]

In December 2007, OC announced the divestment of its cement group, Orascom Building Materials Holding (OBMH), the holding company for its cement group assets, to the French Lafarge.[5]

In July 2011, Orascom Construction won a $450 million bid in Saudi Arabia.[6]

In september 2012, Orascom Construction expanded in the US by building a nitrogen fertilizer plant in Iowa and buying out The Weitz Company.[7][8] In 2013, Cascade Investment invested $1 billion in Orascom Construction.[9] Following this investment, a Netherlands-based company, OCI NV, was created, and became the parent company of Orascom Construction.[10]

In March 2015, Orascom Construction shares started trading at the Dubai Financial Market and Cairo's Egyptian Exchange.[11]

In July 2018, Orascom Construction partnered with Engie to build the largest windfarm in Egypt.[12] In May 2019, the consortium Bombardier Inc., Orascom Construction and Arab Contractors won the contract to build two monorail lines in Cairo.[13]

Sanctions[edit]

In 2013, Orascom Group agreed to pay up to $1 billion in tax fines to the Egyptian tax collector following irregularities in the 2007 sale to Lafarge.[10]

See also[edit]

References[edit]

  1. ^ "Orascom Construction Limited Annual Report 2016" (PDF). Orascom Construction. Retrieved 7 July 2017.
  2. ^ "Orascom Construction Industries S.A.E. Annual Report 2011" (PDF). orascomci.com.
  3. ^ "Orascom Construction seals $1.3bln contracts in Q3". Zawya. October 7, 2019.
  4. ^ "Orascom Construction Industries S.A.E. announces OCI Invests in DPRK Cement". Market Wired. July 16, 2007.
  5. ^ Hollinger, Peggy; England, Andrew (10 December 2007). "Lafarge buys Orascom Cement for €10bn". Financial Times. Retrieved 21 September 2015.
  6. ^ "Egypt's Orascom Construction wins $450m of Saudi projects". Arabian Business. 7 July 2011. Retrieved 29 May 2019.
  7. ^ Heba Saleh (6 September 2012). "Orascom Construction to expand in US". Financial Times. Retrieved 29 May 2019.
  8. ^ "Watts Constructors' parent being bought by Orascom Construction Industries". Biz Journals. 6 September 2012. Retrieved 29 May 2019.
  9. ^ "Bill Gates Group Invests $1 Billion in Orascom Construction". Bloomberg.com. 2013-01-19. Retrieved 2017-04-12.
  10. ^ a b Heba Saleh (30 April 2013). "Orascom settles Egyptian tax dispute". Financial Times. Retrieved 29 May 2019.
  11. ^ Michael Fahy (9 March 2015). "Orascom Construction shares begin trading in Dubai". Construction Week Online. Retrieved 29 May 2019.
  12. ^ Catherine Sturman (24 July 2018). "Orascom Construction will build the largest windfarm in Egypt". Global Construction. Retrieved 29 May 2019.
  13. ^ "Bombardier Transportation consortium preferred bidder in $4.5B Cairo monorail". 660 News. 27 May 2019. Retrieved 29 May 2019.

External links[edit]