Egypt-baes Orascom Construction gathered an amount of about $920 million of new contract awards to its pile in the final quarter of last year, making the number of new awards in the year to $2.9 billion.
The new awards show the company’s “successful efforts to add high-quality projects” rather than the pandemic-driven economic downturn that has disappeared work in some markets.
The annual awards were lesser than the $3.5bn of new work won in the previous year, but it ended 2020 with a slightly higher consolidated pile of $5.3bn, contrasted to $5.2bn at the end of 2019.
Projects in Egypt grew up 62 percent of the new awards secured during the fourth quarter of last year, a bigger part of which was in the mobility sector, the company provided this in a statement on Monday.
Contracts awarded in the Us provided for the balance and contained a scalable share of data center projects, it said.
In 2021, Orascom and consortium partners Siemens Mobility and Arab Contractors have agreed on an agreement with the Egyptian government to design and construct the county’s 1,000-kilometer high-speed rail network. The agreement was signed with the country’s National Authority for Tunnels, Orascom said in a statement on January 17.
The initial rail line will be 460km long and will provide both passenger and cargo services. It will contain an order value of about $3bn and will link Ain Sokhna on the Red Sea to Al Alamein on the Mediterranean Sea while passing through the new executive capital east of Cairo, as per the statement.
Orascom also lately agreed to a 1bn Egyptian pound ($63.6m) contract to construct the Via Marina Hotel & Yacht Club at Marassi for Emaar Properties, Its flagship development on Egypt’s North Coast.