The billionaire Sawiris family owns 51.8 percent of Orascom Construction.
Sawiris owns 28.97 percent of Orascom Construction.
Nassef Sawiris owns 28.97 percent of the multinational construction group, or 33,825,323 shares.
The billionaire Sawiris family controls 51.8 percent of the Egypt-based contractor through OS Private Trust Company.
The project will be developed at a cost of $203.7 million.
The move comes in the wake of a water crisis that has left Egypt and its neighbors struggling.
Orascom Construction is a leading global engineering and construction contractor.
The $8.8-million gain was due to Orascom Construction’s share performance on the Egyptian Stock Exchange.
The company’s share price on the Egyptian Stock Exchange lost six percent of its value since early May.