Orascom Construction : to Build, Own and Operate a Strategic Warehouse in Egypt
September 28, 2022 at 02:36 am
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Orascom Construction to Build, Own and Operate a Strategic Warehouse in Egypt
28 September, 2022
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it has signed an agreement with the Internal Trade Development Authority (ITDA) to build, own and operate a strategic warehouse in Fayoum Governorate, Egypt.
This strategic warehouse is part of the first phase of a larger program that will play an important role in providing modern logistics and warehousing of important commodities across Egypt. The project is set to utilize state-of-the-art technology and efficient operational methods to meet existing and future needs for these commodities.
Construction is expected to start once financing is concluded and to take up to 15 months, after which operation of the warehouse will commence.
This project highlights Orascom Construction's strategy to pursue investments that provide construction opportunities coupled with long-term recurring income, and builds on the Group's existing investments and Operation & Maintenance contracts across renewable energy, water treatment, wastewater treatment, transportation and facility management.
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Orascom Construction Ltd. published this content on 28 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2022 06:35:04 UTC.
Orascom Construction PLC, formerly Orascom Construction Ltd, is a United Arab Emirates-based engineering and construction contractor. The Company is primarily focused on infrastructure, industrial and high-end commercial projects in the United States, the Middle East, Africa and Central Asia for public and private clients. The Company operates under the following brands: Orascom, Contrack and The Weitz Company. The Companyâs projects cover civil buildings, heavy industries, manufacturing, petrochemicals, federal infrastructure, power generation, social infrastructure, transport, water and wastewater, design build, as well as operations and maintenance.