Orascom Construction, a Cairo-based construction firm led by Egypt’s wealthy Sawiris family, added $670 million in new projects to its backlog of active construction projects in the third quarter of 2022.
The new projects added in the third quarter of 2022 represent less than two-fifths of the $1.8 billion in new projects added in the second quarter of 2022.
According to a press release issued by the Cairo-based construction firm during trading hours on Monday, Oct. 17, this brings the firm’s total new awards since the beginning of 2022 to $3.1 billion.
The management disclosed that, in the third quarter of 2022, projects in the Middle East accounted for 70 percent of new awards, mostly in the infrastructure, logistics, and commercial sectors.
It went on to say that new awards signed by U.S. subsidiaries accounted for 30 percent of the total during the quarter, with projects in the data center sector accounting for a sizable portion of new awards signed by U.S. subsidiaries, thereby highlighting the group’s successful efforts to expand across this growing sector.
Orascom Construction is a multinational engineering and construction firm founded by Onsi Sawiris, a late Egyptian businessman who died on June 29 at the age of 91.
Through OS Private Trust Company, the billionaire Sawiris family owns 51.8 percent of the Egypt-based contractor, while Egypt’s richest man Nassef Sawiris owns 28.97 percent.
The firm’s estimated consolidated backlog stood at $6.1 billion as of Sept. 30, reflecting its dominance as a leading engineering and construction contractor focused on infrastructure, industrial, and high-end commercial projects in the Middle East, Africa, and the United States.
In recent years, the construction firm has been expanding its dominance in Egypt’s engineering and construction industry, which has aided its financial performance, as it recorded total revenue of $1.91 billion in the first six months of 2022, up from $1.68 billion in the same period of 2021.
Nearly three weeks ago, Orascom Construction signed an agreement with the Internal Trade Development Authority (ITDA) to build, own, and operate a strategic warehouse in Fayoum Governorate, Egypt.
The ITDA agreement supplements the group’s existing investments, operations, and maintenance contracts in renewable energy, water treatment, wastewater treatment, transportation, and facility management.