Doha: Orascom Construction Industries, Egypt's largest publicly traded builder, said a unit owned by its joint venture with Besix Group has won a $675 million (Dh2.48 billion) contract in Qatar.
The unit, Six Construct Qatar, will build a phase of the Doha Convention Centre & Tower in a joint venture with Midmac Contracting Co, Cairo-based Orascom said in a statement on its website yesterday.
Orascom operates in the Middle East, Europe, Africa and Asia. The company said it had formed a joint venture in January with Morgan Stanley to invest in infrastructure in the Middle East and Africa.
"Qatar is a core regional market for the OCI Construction Group," Chief Executive Officer Nassef Sawiris said. Six Construct's share of the contract is about $338 million, Orascom said. Orascom owns 50 per cent of the Besix Group, which in June won a $750 million contract in a joint venture to build the third phase of the New Doha International Airport passenger terminal complex.
Shares of Orascom were almost unchanged at 250 Egyptian pounds ($43.83) at 10.47am in Cairo trading Tuesday.
